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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04236
JPMorgan Trust II
(Exact name of registrant as specified in charter)
270 Park Avenue
New York, NY 10017
(Address of principal executive offices) (Zip code)
Frank J. Nasta
270 Park Avenue
New York, NY 10017
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (800) 480-4111
Date of fiscal year end: October 31
Date of reporting period: November 1, 2017 through April 30, 2018
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
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| ITEM 1. | REPORTS TO STOCKHOLDERS. |
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
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Semi-Annual Report
J.P. Morgan International Equity Funds
April 30, 2018 (Unaudited)
JPMorgan Emerging Economies Fund
JPMorgan Emerging Markets Equity Fund
JPMorgan Global Research Enhanced Index Fund
JPMorgan Global Unconstrained Equity Fund
JPMorgan International Equity Fund
JPMorgan International Equity Income Fund
JPMorgan International Research Enhanced Equity Fund
JPMorgan International Unconstrained Equity Fund
JPMorgan International Value Fund
JPMorgan Intrepid International Fund
Table of Contents
| CEO’s Letter | 1 | |||
| Market Overview | 2 | |||
| 3 | ||||
| 6 | ||||
| 10 | ||||
| 12 | ||||
| 14 | ||||
| 16 | ||||
| 20 | ||||
| 22 | ||||
| 25 | ||||
| 28 | ||||
| Schedules of Portfolio Investments | 30 | |||
| Financial Statements | 64 | |||
| Financial Highlights | 88 | |||
| Notes to Financial Statements | 108 | |||
| Schedule of Shareholder Expenses | 132 | |||
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
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June 8, 2018 (Unaudited)
Dear Shareholder,
While the global economy largely continued its steady-growth trajectory throughout the six months ended April 30, 2018, investor concerns about rising interest rates and geo-political events fueled the return of volatility to financial markets and ended a 15-month string of rising equity prices in the U.S.
 |
“This world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.”— George C.W. Gatch |
Favorable central bank policies, corporate earnings growth and consumer confidence remained supportive of global growth throughout the reporting period, though economic data in the European Union (the “EU”) softened somewhat in early 2018. Global petroleum prices generally rose during the reporting period as record output from U.S. shale operations was outweighed by expectations of rising global demand and extended output cuts from the Organization of Petroleum Exporting Nations.
The U.S. Federal Reserve (the “Fed”) raised interest rates in December 2017 and again in March 2018 in response to a tightening labor market and early signs of price inflation. The unemployment rate dropped to 3.9% in April – a level not seen in 18 years – after sitting at 4.1% from October 2017 to March 2018. Gross domestic product (GDP) in the U.S. rose by 2.9% in the fourth quarter of 2017 and an estimated 2.2% in the first quarter of 2018.
Meanwhile, U.S. tax cut legislation enacted in December 2017, appeared to provide support for both equity prices and corporate earnings, which reached record highs in the first quarter of 2017. Of the 279 companies reporting U.S. first quarter earnings by the end of the reporting period, 78% had surpassed analysts’ aggregate estimates.
In early February, a spike in 10-year U.S. Treasury bond yields triggered a rapid sell-off in U.S. financial markets that spread to global markets. Yields on 10-year Treasury bonds are generally considered a bellwether for broader market trends, and the increase in yields was a technical signal that raised investor concerns about inflation and rising U.S. interest rates.
While financial markets rebounded somewhat, the sell-off led to a record spike in market volatility just three months after the CBOE Volatility Index, which looks at Standard & Poor’s 500 Index futures to gauge near-term volatility, had dropped to the lowest level since it was created.
Throughout the latter half of the reporting period, U.S. financial markets were also buffeted by the potential for a U.S.-China trade war after President Trump threatened to raise import tariffs. However, background political uncertainty in Washington, D.C. appeared to have little direct impact on domestic financial markets.
Meanwhile, the European Central Bank (ECB) in January reduced its monthly asset purchases by half, though it declined to raise benchmark interest rates during the reporting period. In November, the Bank of England raised interest rates for the first time in a decade as the domestic economy continued to expand and uncertainty over Britain’s planned exit from the EU receded somewhat. In Germany, Chancellor Angela Merkel successfully formed a governing coalition in late February, removing further uncertainty among investors. Across the 19-nation Eurozone, unemployment fell to 8.5% and GDP grew 2.5% in the first quarter of 2018.
In China, government efforts to curb financial speculation appeared to hold down financial market volatility even as the nation’s economy continued to grow. Estimated GDP growth for China was 6.8% in the first quarter of 2018 and 6.9% for the final quarter of 2017. Emerging market nations largely continued to benefit from robust growth in China, rising commodity prices and global demand for goods. However, rising borrowing costs have put pressure on emerging markets in select nations that depend most on external financing, particularly Argentina, Turkey and Brazil.
Against a generally positive environment for global economic growth, a few distinct concerns have emerged in 2018. U.S. threats of protectionist trade policies and changes in U.S. foreign policy, particularly toward Iran, have led to political strains with long-time U.S. allies and trading partners. Rising interest rates globally have put pressure on the currencies of several emerging market nations. The world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.
We believe investors who maintain a long-term outlook and a properly diversified portfolio should continue to benefit from the global economic expansion in 2018. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
George C.W. Gatch
CEO, Global Funds Management
J.P. Morgan Asset Management
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 1 | ||||||
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J.P. Morgan International Equity Funds
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)
Global financial markets generally provided positive returns for the reporting period, but gains were tempered by increased market volatility, rising bond yields in the U.S. and moderating economic growth in the early part of 2018. While economists had generally forecast continued growth in the global economy, concerns over inflationary pressure, signs of slowing growth in Europe and a potential trade war between the U.S. and China all led to investor uncertainty in the latter half of the reporting period.
Notably, global petroleum prices rose significantly during the reporting period. Global economic growth drove increased demand for oil, while on the supply side, the Organization of Petroleum Exporting Countries and Russia agreed in December 2017 to extend production curbs through 2018. Severe reductions in output from Venezuela and threatened U.S. sanctions against Iran also provided support for global energy prices.
Throughout the final months of 2017 and into January 2018, U.S. equity prices reached new highs and financial market volatility remained at historically low levels. Then in early February 2018, the Standard & Poor’s 500 Index (the “S&P 500”) fell more than 10% intraday and the CBOE Volatility Index, which measures options on the S&P 500 to gauge near-term market volatility, spiked a record 115.6%. The sell-off came after fifteen consecutive months of stock market gains and was largely triggered by an upward spike in yields on 10-year U.S. Treasury bonds, which signaled to investors that rising borrowing costs and accelerating inflation could lead to weakness in asset prices. Overall, bond prices in the U.S. declined amid investor expectations for rising interest rates.
In Europe and Japan, equity prices generally ended higher for the reporting period, supported by central bank policies, corporate earnings and continued improvements in leading economic indicators. However, increased market volatility in 2018 erased much of the stock market gains made in late 2017.
Equity prices in emerging markets also rose amid corporate profit growth, rising commodities prices and a positive global economic outlook. China’s efforts to curb financial market speculation appeared to provide some stability to asset prices. Notably, prices for emerging market debt slumped after rising through most of 2016 and 2017. A potential U.S.-China trade war, widening conflict in Syria and political uncertainty ahead of elections in Brazil and Mexico contributed to investor concerns about emerging market currencies and local-currency denominated bonds.
For the six months ended April 30, 2018, the MSCI Europe Australasia and Far East Index (net of foreign withholding taxes) returned 3.41% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 4.80%.
| 2 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
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JPMorgan Emerging Economies Fund
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | 1.60% | |||
| Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes) | 4.80% | |||
| Net Assets as of 4/30/2018 (In Thousands) | $2,084,791 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Emerging Economies Fund (the “Fund”) seeks long-term capital growth.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.
The Fund’s security selection in the information technology and energy sectors was a leading detractor from performance relative to the Benchmark. The Fund’s overweight position in the materials sector and its underweight position in the consumer discretionary sector were leading contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Merry Electronics Co., General Interface Solution Holding Ltd. and Guangzhou Automobile Group Co. Shares of Merry Electronics, a Taiwan maker of headsets, headphones, earphones and audio speakers, fell after the company forecast a drop in revenue amid soft demand for consumer electronics. Shares of General Interface Solution Holding, the Taiwan touch-screen manufacturing unit of Hon Hai Precision Industry Co., fell after the company reported declining revenue. Shares of Guangzhou Automobile Group, a China auto manufacturer, fell amid investor concerns about potential U.S. trade tariffs.
Leading individual contributors to relative performance included the Fund’s overweight positions in Yageo Corp., Standard Bank Group Ltd. and PTT Public Co. Shares of Yageo, a Taiwan manufacturer of electronics components, rose amid a reduction in output from its competitors in China and Japan. Shares of Standard Bank Group, a South African bank, rose after the company reported growth in earnings for the year ended December 31, 2017. Shares of PTT Public, a Thailand petroleum company, rose as global energy prices rebounded during the period.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers used a combination of top-down and bottom-up research, seeking what they believed to be attractively priced countries, sectors and securities with positive catalysts. As a result of this process, the Fund’s largest overweight positions relative to the Benchmark during the six months ended April 30, 2018, were in Russia and Turkey and its largest underweight positions were in South African and India. From a sector perspective, the Fund’s largest overweight allocations relative to the Benchmark were in the materials and financials sectors, while its largest underweight positions were in the consumer staples and consumer discretionary sectors.
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 3 | ||||||
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JPMorgan Emerging Economies Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Tencent Holdings Ltd. (China) | 4.7 | % | |||||
| 2. | Samsung Electronics Co. Ltd. (South Korea) | 3.7 | ||||||
| 3. | Alibaba Group Holding Ltd., ADR (China) | 2.5 | ||||||
| 4. | Industrial & Commercial Bank of China Ltd., Class H (China) | 2.4 | ||||||
| 5. | China Construction Bank Corp., Class H (China) | 2.0 | ||||||
| 6. | Itau Unibanco Holding SA, ADR (Brazil) | 1.8 | ||||||
| 7. | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 1.4 | ||||||
| 8. | LG Electronics, Inc. (South Korea) | 1.4 | ||||||
| 9. | Vale SA, ADR (Brazil) | 1.4 | ||||||
| 10. | China Merchants Bank Co. Ltd., Class H (China) | 1.3 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
China | 25.5 | % | ||
South Korea | 16.9 | |||
Taiwan | 10.6 | |||
Brazil | 9.8 | |||
Russia | 7.5 | |||
Thailand | 4.0 | |||
Turkey | 3.7 | |||
Malaysia | 2.5 | |||
Hong Kong | 2.4 | |||
India | 2.4 | |||
South Africa | 1.7 | |||
Hungary | 1.7 | |||
Indonesia | 1.2 | |||
Panama | 1.2 | |||
Singapore | 1.1 | |||
United States | 1.1 | |||
Others (each less than 1.0%) | 3.3 | |||
Short-Term Investment | 3.4 | |||
| *** | Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change. |
| 4 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
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AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | February 28, 2008 | |||||||||||||||||
With Sales Charge** | (3.89 | )% | 12.11 | % | 1.53 | % | 0.72 | % | ||||||||||
Without Sales Charge | 1.46 | 18.33 | 2.63 | 1.26 | ||||||||||||||
CLASS C SHARES | February 28, 2008 | |||||||||||||||||
With CDSC*** | 0.23 | 16.68 | 2.13 | 0.75 | ||||||||||||||
Without CDSC | 1.23 | 17.68 | 2.13 | 0.75 | ||||||||||||||
CLASS I SHARES | February 28, 2008 | 1.60 | 18.60 | 2.88 | 1.51 | |||||||||||||
CLASS R5 SHARES | February 28, 2008 | 1.59 | 18.77 | 3.07 | 1.71 | |||||||||||||
CLASS R6 SHARES | September 1, 2015 | 1.68 | 18.87 | 3.11 | 1.73 | |||||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/08 TO 4/30/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Emerging Economies Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from April 30, 2008 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These
expenses are not identical to the expenses incurred by the Fund. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 5 | ||||||
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JPMorgan Emerging Markets Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class L Shares)* | 3.06% | |||
| Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes) | 4.80% | |||
| Net Assets as of 4/30/2018 (In Thousands) | $5,088,421 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Emerging Markets Equity Fund (the “Fund”) seeks to provide high total return.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.
By sector, the Fund’s security selection in the consumer staples sector and its security selection and underweight position in the energy sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection and overweight position in the financials sector and its security selection in the information technology sector were leading contributors to relative performance.
By country, the Fund’s security selection in Brazil and Russia was a leading detractor from relative performance, while the Fund’s security selection South Africa and India was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Largan Precision Co., Kroton Educacional SA and Magnit PJSC. Shares of Largan Precision, a Taiwan maker of optical lenses for mobile devices and computers, fell as demand for new smartphones receded during the reporting period. Shares of Kroton Educacional, a Brazilian educational services provider, fell amid investor concerns about the company’s debt load following several corporate acquisitions. Shares of Magnit, a Russian operator of retail stores, fell on weak sales growth.
Leading individual contributors to relative performance included the Fund’s overweight positions in AIA Group Ltd.,
Bidvest Group Ltd. and MercadoLibre Inc. Shares of AIA Group, a Hong Kong life insurer, rose after the company reported better-than-expected earnings for its latest fiscal year. Shares of Bidvest Group, a South African conglomerate, rose after the company reported earnings and revenue growth for the first half of its fiscal year. Shares of MercadoLibre, an online commerce platform provider based in Argentina, rose after the company reported earnings growth for the fourth quarter and full year 2017.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed an active strategy in which portfolio construction was focused on the highest-conviction ideas found at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings, researching companies in an attempt to determine their underlying value and potential for future earnings growth. As a result of this process, the Fund’s largest sector positions during the reporting period were in the financials, information technology and consumer discretionary sectors, while the Fund’s smallest sector positions were in the utilities, materials and energy sectors. The Fund’s largest country positions were in China, India and Brazil and its smallest positions were in Saudi Arabia, Turkey and Papua New Guinea.
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 6 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
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| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Tencent Holdings Ltd. (China) | 6.3 | % | |||||
| 2. | Samsung Electronics Co. Ltd. (South Korea) | 5.2 | ||||||
| 3. | AIA Group Ltd. (Hong Kong) | 5.0 | ||||||
| 4. | Alibaba Group Holding Ltd., ADR (China) | 4.5 | ||||||
| 5. | Housing Development Finance Corp. Ltd. (India) | 4.1 | ||||||
| 6. | Ping An Insurance Group Co. of China Ltd., Class H (China) | 4.0 | ||||||
| 7. | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 3.6 | ||||||
| 8. | Sberbank of Russia PJSC (Russia) | 3.0 | ||||||
| 9. | MercadoLibre, Inc. (Argentina) | 2.9 | ||||||
| 10. | Tata Consultancy Services Ltd. (India) | 2.6 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
| China | 25.8 | % | ||
| India | 18.4 | |||
| Brazil | 7.9 | |||
| South Korea | 6.9 | |||
| Hong Kong | 6.9 | |||
| Taiwan | 6.0 | |||
| South Africa | 5.9 | |||
| Russia | 3.7 | |||
| Mexico | 3.6 | |||
| Argentina | 2.9 | |||
| Indonesia | 2.3 | |||
| United States | 1.7 | |||
| Peru | 1.4 | |||
| Others (each less than 1.0%) | 4.4 | |||
| Short-Term Investment | 2.2 | |||
| *** | Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change. |
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 7 | ||||||
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JPMorgan Emerging Markets Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | September 28, 2001 | |||||||||||||||||
With Sales Charge** | (2.54 | )% | 12.81 | % | 3.18 | % | 1.57 | % | ||||||||||
Without Sales Charge | 2.87 | 19.06 | 4.30 | 2.12 | ||||||||||||||
CLASS C SHARES | February 28, 2006 | |||||||||||||||||
With CDSC*** | 1.58 | 17.45 | 3.77 | 1.61 | ||||||||||||||
Without CDSC | 2.58 | 18.45 | 3.77 | 1.61 | ||||||||||||||
CLASS I SHARES | September 10, 2001 | 2.99 | 19.37 | 4.55 | 2.37 | |||||||||||||
CLASS L SHARES | November 15, 1993 | 3.06 | 19.55 | 4.70 | 2.53 | |||||||||||||
CLASS R2 SHARES | July 31, 2017 | 2.67 | 18.71 | 4.18 | 2.06 | |||||||||||||
CLASS R3 SHARES | July 31, 2017 | 2.85 | 19.03 | 4.29 | 2.12 | |||||||||||||
CLASS R4 SHARES | July 31, 2017 | 2.95 | 19.32 | 4.54 | 2.37 | |||||||||||||
CLASS R5 SHARES | September 9, 2016 | 3.03 | 19.53 | 4.71 | 2.53 | |||||||||||||
CLASS R6 SHARES | December 23, 2013 | 3.11 | 19.63 | 4.79 | 2.58 | |||||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/08 to 4/30/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R5 Shares and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares and Class R6 Shares would have been different than those shown because Class R5 Shares and Class R6 Shares have different expenses than Class L Shares.
Returns shown for Class R2 Shares and Class R3 Shares prior to their inception are based on the performance of Class A Shares. The actual returns of Class R2 Shares and Class R3 Shares would have been lower than those shown because Class R2 Shares and Class R3 Shares have higher expenses than Class A Shares.
Returns for Class R4 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Emerging Markets Equity Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from April 30, 2008 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
| 8 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation
policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 9 | ||||||
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JPMorgan Global Research Enhanced Index Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 2.68% | |||
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes) | 3.40% | |||
Net Assets as of 4/30/2018 (In Thousands) | $8,317,057 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Global Research Enhanced Index Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.
By sector, the Fund’s security selection in the telecommunications and basic industries sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the energy and technology-software sectors was a leading contributor to relative performance. By region, the Fund’s security selection in North America was a leading detractor from relative performance, while the Fund’s security selection in Japan was a modest contributor to relative performance.
Due to the Fund holding a relatively large number of securities during the period, the impact of individual holdings on the Fund’s relative performance tended to be small.
HOW WAS THE FUND POSITIONED?
The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by JPMorgan’s team of analysts, the Fund’s portfolio managers took marginally overweight positions in securities that they considered undervalued, while being marginally underweight in or not holding securities in the Benchmark that they considered overvalued.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Apple, Inc. (United States) | 2.1 | % | |||||
| 2. | Microsoft Corp. (United States) | 2.0 | ||||||
| 3. | Amazon.com, Inc. (United States) | 1.9 | ||||||
| 4. | Bank of America Corp. (United States) | 1.0 | ||||||
| 5. | Alphabet, Inc., Class C (United States) | 1.0 | ||||||
| 6. | Facebook, Inc., Class A (United States) | 1.0 | ||||||
| 7. | Visa, Inc., Class A (United States) | 0.9 | ||||||
| 8. | UnitedHealth Group, Inc. (United States) | 0.9 | ||||||
| 9. | Alphabet, Inc., Class A (United States) | 0.8 | ||||||
| 10. | Johnson & Johnson (United States) | 0.8 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
| United States | 58.5 | % | ||
| Japan | 8.6 | |||
| United Kingdom | 5.8 | |||
| France | 4.5 | |||
| Germany | 3.2 | |||
| Canada | 3.2 | |||
| Switzerland | 2.9 | |||
| Australia | 2.5 | |||
| Netherlands | 2.2 | |||
| Hong Kong | 1.2 | |||
| Spain | 1.1 | |||
| Others (each less than 1.0%) | 4.2 | |||
| Short-Term Investment | 2.1 | |||
| 1 | MSCI World Index is a registered service mark of Morgan Stanley Capital International, which does not sponsor and is in no way affiliated with the Fund. |
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change. |
| 10 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | SINCE INCEPTION | ||||||||||||||
CLASS I SHARES | February 28, 2013 | 2.68 | % | 12.26 | % | 9.45 | % | 10.22 | % | |||||||||
CLASS R6 SHARES | November 1, 2017 | 2.74 | 12.32 | 9.46 | 10.23 | |||||||||||||
| * | Not annualized. |
LIFE OF FUND PERFORMANCE (2/28/13 TO 4/30/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.
The Fund commenced operations on February 28, 2013.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Global Research Enhanced Index Fund, the MSCI World Index and the Lipper Global Large-Cap Core Funds Index from February 28, 2013 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Global Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Lipper Global Large-Cap Core Funds Index is an index based on the total returns of certain mutuals funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these
waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 11 | ||||||
Table of Contents
JPMorgan Global Unconstrained Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 2.79% | |||
Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes) | 3.56% | |||
Net Assets as of 4/30/2018 (In Thousands) | $5,164 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Global Unconstrained Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.
By sector, the Fund’s security selection in the information technology and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the energy and industrials sectors was a leading positive contributor to performance.
By region, the Fund’s security selection in the U.K. and select emerging market nations was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the Pacific, excluding Japan, and Continental Europe was a leading contributor to relative performance.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Altice NV, Comcast Corp. and Renesas Electronics Corp. Shares of Altice, a Netherlands telecommunications and media company, fell amid investor concerns about the company’s high debt level and weak results for the third quarter of 2017. Shares of Comcast, a cable TV operator, fell amid the company’s bid to acquire 21st Century Fox. Shares of Renesas Electronics, a Japanese semiconductor manufacturer, fell amid investor concerns about rising inventory, particularly in the automotive sector.
Leading individual contributors to the Fund’s relative performance included its overweight positions in Pioneer Natural Resources Co., DBS Group Holdings Ltd. and Amazon.com Inc. Shares of Pioneer Natural Resources, an oil producer, rose after the company reported better-than-expected earnings and raised its dividend. Shares of DBS Group Holdings, a Singapore financial services company, rose after the company forecast earnings growth and reported growth in loans. Shares of Amazon.com, a provider of online retail shopping and services, rose amid continued growth in earnings and revenue.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers and analyst team conducted bottom-up fundamental research to construct a global portfolio
of what they believed were undervalued companies, characterized by sustainability of earnings, strong free cash flow and the ability to increase earnings faster than their sector peers.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Alphabet, Inc., Class C (United States) | | 4.1 | % | ||||
| 2. | Pioneer Natural Resources Co. (United States) | | 3.7 | | ||||
| 3. | HDFC Bank Ltd., ADR (India) | | 3.5 | | ||||
| 4. | Citigroup, Inc. (United States) | | 3.3 | | ||||
| 5. | Amazon.com, Inc. (United States) | | 3.2 | | ||||
| 6. | Comcast Corp., Class A (United States) | | 2.5 | | ||||
| 7. | Linde AG (Germany) | | 2.4 | | ||||
| 8. | Safran SA (France) | | 2.4 | | ||||
| 9. | Erste Group Bank AG (Austria) | | 2.4 | | ||||
| 10. | GlaxoSmithKline plc (United Kingdom) | | 2.3 | | ||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
| United States | | 47.6 | % | |
| France | | 6.4 | ||
| United Kingdom | | 6.3 | ||
| China | | 5.5 | ||
| Germany | | 4.2 | ||
| Japan | | 4.2 | ||
| India | | 3.5 | ||
| Switzerland | | 3.4 | ||
| Austria | | 3.4 | ||
| Singapore | | 2.2 | ||
| Hong Kong | | 2.2 | ||
| Canada | | 2.1 | ||
| Thailand | | 2.0 | ||
| South Africa | | 1.8 | ||
| Spain | | 1.6 | ||
| Luxembourg | | 1.3 | ||
| Brazil | 1.2 | |||
| Short-Term Investment | | 1.1 | | |
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change. |
| 12 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 | ||||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | SINCE INCEPTION | ||||||||||||||||
CLASS A SHARES | November 30, 2011 | |||||||||||||||||||
With Sales Charge** | (2.78 | )% | 3.46 | % | 7.59 | % | 9.49 | % | ||||||||||||
Without Sales Charge | 2.61 | 9.17 | 8.76 | 10.42 | ||||||||||||||||
CLASS C SHARES | November 30, 2011 | |||||||||||||||||||
With CDSC*** | 1.37 | 7.59 | 8.21 | 9.87 | ||||||||||||||||
Without CDSC | 2.37 | 8.59 | 8.21 | 9.87 | ||||||||||||||||
CLASS I SHARES | November 30, 2011 | 2.79 | 9.57 | 9.10 | 10.75 | |||||||||||||||
CLASS R2 SHARES | November 30, 2011 | 2.47 | 8.85 | 8.48 | 10.14 | |||||||||||||||
CLASS R5 SHARES | November 30, 2011 | 2.86 | 9.66 | 9.24 | 10.91 | |||||||||||||||
CLASS R6 SHARES | November 30, 2011 | 2.91 | 9.72 | 9.31 | 10.97 | |||||||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (11/30/11 TO 4/30/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
The Fund commenced operations on November 30, 2011.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Global Unconstrained Equity Fund, the MSCI All Country World Index and the Lipper Global Large-Cap Core Funds Index from November 30, 2011 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Lipper Global Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds
within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Subsequent to the inception date of the Fund and through January 5, 2015, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 13 | ||||||
Table of Contents
JPMorgan International Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 2.44% | |||
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | 3.41% | |||
Net Assets as of 4/30/2018 (In Thousands) | $4,538,352 | |||
INVESTMENT OBJECTIVE**
The JPMorgan International Equity Fund (the “Fund”) seeks total return from long-term capital growth and income. Total return consists of capital growth and current income.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.
By sector, the Fund’s security selection in the health care and consumer staples sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the financials and energy sectors was a leading contributor to relative performance.
By region, the Fund’s security selection in the U.K. and Japan were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the Pacific, excluding Japan, was the leading contributor to relative performance.
Leading individual detractors from the Fund’s relative performance included its overweight positions in AMS AG, Kubota Corp. and KDDI Corp. Shares of AMS, an Austrian maker of analog semiconductors and sensors, fell after the company forecast weak sales for the second quarter of 2018. Shares of Kubota, a Japanese maker of agricultural and construction machinery, fell amid investor concerns that potential U.S. trade tariffs could hurt export sales. Shares of KDDI, a Japanese telecommunications company, fell after news reports that Japanese Internet services provider Rakuten Inc. would be entering the Japanese telecommunications industry.
Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in DBS Group Holdings, AIA Group Ltd. and CNOOC Ltd. Shares of DBS Group Holdings, a Singapore financial services company, rose after the company forecast earnings growth and reported growth in loans. Shares of AIA Group, a Hong Kong life insurer, rose after the company reported better-than-expected earnings for its latest fiscal year. Shares of CNOOC, China’s largest state-owned petroleum company, rose amid profit growth and an increase in global oil prices.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They
used bottom-up fundamental research to identify what they believed were attractively priced securities of companies with solid financial positions that possessed the potential to increase their earnings faster than their industry peers.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Royal Dutch Shell plc, Class A (Netherlands) | 2.8 | % | |||||
| 2. | Unilever plc (United Kingdom) | 2.1 | ||||||
| 3. | AIA Group Ltd. (Hong Kong) | 2.1 | ||||||
| 4. | Samsung Electronics Co. Ltd., Reg. S, GDR (South Korea) | 1.9 | ||||||
| 5. | Novartis AG (Registered) (Switzerland) | 1.8 | ||||||
| 6. | Prudential plc (United Kingdom) | 1.8 | ||||||
| 7. | SAP SE (Germany) | 1.8 | ||||||
| 8. | ASML Holding NV (Netherlands) | 1.8 | ||||||
| 9. | BNP Paribas SA (France) | 1.8 | ||||||
| 10. | Roche Holding AG (Switzerland) | 1.7 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
| Japan | 17.8 | % | ||
| United Kingdom | 17.7 | |||
| France | 12.5 | |||
| Switzerland | 11.5 | |||
| Germany | 8.6 | |||
| Netherlands | 6.1 | |||
| Hong Kong | 4.3 | |||
| China | 3.4 | |||
| South Korea | 2.5 | |||
| Spain | 2.3 | |||
| Singapore | 1.6 | |||
| Australia | 1.3 | |||
| Sweden | 1.3 | |||
| Denmark | 1.2 | |||
| India | 1.2 | |||
| Italy | 1.1 | |||
| Others (each less than 1.0%) | 4.4 | |||
| Short-Term Investment | 1.2 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change. |
| 14 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | February 28, 2002 | |||||||||||||||||
With Sales Charge** | (3.09 | )% | 9.56 | % | 4.30 | % | 1.90 | % | ||||||||||
Without Sales Charge | 2.30 | 15.60 | 5.43 | 2.45 | ||||||||||||||
CLASS C SHARES | January 31, 2003 | |||||||||||||||||
With CDSC*** | 1.04 | 14.02 | 4.90 | 1.92 | ||||||||||||||
Without CDSC | 2.04 | 15.02 | 4.90 | 1.92 | ||||||||||||||
CLASS I SHARES | January 1, 1997 | 2.44 | 15.96 | 5.70 | 2.71 | |||||||||||||
CLASS R2 SHARES | November 3, 2008 | 2.11 | 15.26 | 5.15 | 2.19 | |||||||||||||
CLASS R5 SHARES | May 15, 2006 | 2.46 | 16.10 | 5.89 | 2.89 | |||||||||||||
CLASS R6 SHARES | November 30, 2010 | 2.53 | 16.18 | 5.95 | 2.93 | |||||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/08 to 4/30/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R2 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns of R2 Shares would have been lower than those shown because R2 Shares have higher expenses than Class A Shares.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from April 30, 2008 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the
Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 15 | ||||||
Table of Contents
JPMorgan International Equity Income Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 3.73% | |||
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | 3.41% | |||
Net Assets as of 4/30/2018 (In Thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . .. | $ | 200,074 | ||
INVESTMENT OBJECTIVE**
The JPMorgan International Equity Income Fund (the “Fund”) seeks to provide both current income and long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.
By sector, the Fund’s security selection in the industrial cyclical and basic industries sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the automobiles & auto parts sector and in the consumer staples sector was a leading detractor from relative performance.
By region, the Fund’s security selection in Europe, excluding the U.K., and in emerging markets was a leading contributor to performance relative to the Benchmark. The Fund’s security selection and underweight position in Japan and its security selection in the North America were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in UPM-Kymmene Oyj, Royal Ahold Delhaize NV and DBS Group Holdings Ltd. Shares of UPM-Kymmene, a Finnish paper, pulp and lumber company, rose after the company unveiled plans to reduce operations in the U.S. and Germany. Shares of Royal Ahold Delhaize, a Netherlands supermarkets operator, rose after the company
reported strong profit growth for the fourth quarter of 2017. Shares of DBS Group Holdings, a Singapore financial services company, rose after the company forecast earnings growth and reported growth in loans.
Leading individual detractors from relative performance included the Fund’s overweight positions in Bridgestone Corp., Norsk Hydro ASA and Sanofi SA. Shares of Bridgestone, a Japanese auto tire manufacturer, fell amid weak demand and higher raw materials costs. Shares of Norsk Hydro, a Norwegian aluminum producer, fell amid investor concerns about potential U.S. trade tariffs. Shares of Sanofi, a French pharmaceuticals company, fell after the company reported a drop in sales and earnings for the first quarter of 2018.
HOW THE FUND WAS MANAGED?
The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, rigorously researching companies in an attempt to determine their underlying value and potential for future growth. The Fund’s portfolio managers looked for dividend yielding equity securities that they believed were undervalued and possessed the long-term earnings power and strong cash flow generation that would enable them to grow their dividends.
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 16 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Royal Dutch Shell plc, Class A (Netherlands) | 3.2 | % | |||||
| 2. | Novartis AG (Registered) (Switzerland) | 2.3 | ||||||
| 3. | Rio Tinto plc (United Kingdom) | 2.3 | ||||||
| 4. | Vinci SA (France) | 2.2 | ||||||
| 5. | Unibail-Rodamco SE (France) | 2.1 | ||||||
| 6. | Iberdrola SA (Spain) | 2.1 | ||||||
| 7. | Allianz SE (Registered) (Germany) | 2.1 | ||||||
| 8. | TOTAL SA (France) | 2.0 | ||||||
| 9. | Unilever NV, CVA (United Kingdom) | 1.9 | ||||||
| 10. | Mitsubishi Corp. (Japan) | 1.9 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
France | 18.3 | % | ||
United Kingdom | 17.5 | |||
Japan | 15.9 | |||
Switzerland | 9.8 | |||
Netherlands | 7.4 | |||
Germany | 6.0 | |||
Spain | 3.7 | |||
Australia | 3.7 | |||
Sweden | 2.3 | |||
China | 2.1 | |||
Finland | 1.8 | |||
Norway | 1.8 | |||
Italy | 1.7 | |||
Singapore | 1.4 | |||
Taiwan | 1.2 | |||
Macau | 1.2 | |||
Canada | 1.2 | |||
South Korea | 1.1 | |||
Short-Term Investment | 1.9 | |||
| *** | Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change. |
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 17 | ||||||
Table of Contents
JPMorgan International Equity Income Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | SINCE INCEPTION | ||||||||||||||
CLASS A SHARES | February 28, 2011 | |||||||||||||||||
With Sales Charge** | (1.83 | )% | 6.77 | % | 4.26 | % | 4.79 | % | ||||||||||
Without Sales Charge | 3.58 | 12.68 | 5.39 | 5.58 | ||||||||||||||
CLASS C SHARES | February 28, 2011 | |||||||||||||||||
With CDSC*** | 2.33 | 11.12 | 4.86 | 5.05 | ||||||||||||||
Without CDSC | 3.33 | 12.12 | 4.86 | 5.05 | ||||||||||||||
CLASS I SHARES | February 28, 2011 | 3.73 | 13.05 | 5.71 | 5.88 | |||||||||||||
CLASS R2 SHARES | February 28, 2011 | 3.40 | 12.38 | 5.11 | 5.31 | |||||||||||||
CLASS R5 SHARES | February 28, 2011 | 3.77 | 13.14 | 5.84 | 6.04 | |||||||||||||
CLASS R6 SHARES | January 30, 2015 | 3.84 | 13.24 | 5.87 | 6.07 | |||||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (2/28/11 TO 4/30/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.
The Fund commenced operations on February 28, 2011.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Income Fund, the MSCI EAFE Index and the Lipper International Equity Income Funds Index from February 28, 2011 to April 30, 2018. Return information prior to July 31, 2013 for the Lipper International Equity Income Funds Index is not provided by Lipper, Inc. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Equity Income Funds Index includes expenses associated with a mutual
fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Equity Income Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the
| 18 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively,
the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 19 | ||||||
Table of Contents
JPMorgan International Research Enhanced Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2.94% | |||
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) . . . . . . . . . . . . . . . . | 3.41% | |||
Net Assets as of 4/30/2018 (In Thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . | $5,836,565 | |||
INVESTMENT OBJECTIVE
The JPMorgan International Research Enhanced Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.
By sector, the Fund’s security selection in the consumer non-durable and property sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the banks and finance sector and in the industrial cyclical sector was a leading contributor to relative performance.
By region, the Fund’s security selection in the Pacific and Japan made a positive contribution to performance relative to the Benchmark, while the Fund’s security selection in Europe detracted from relative performance.
Due to the Fund holding a relatively large number of securities during the period, the impact of individual holdings on the Fund’s relative performance tended to be small.
HOW WAS THE FUND POSITIONED?
The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by analysts, the Fund’s portfolio managers took a marginally overweight position in securities included within the universe of the Benchmark that they considered undervalued, while marginally underweighting or not holding securities in the Benchmark that they considered overvalued.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Nestle SA (Registered) (Switzerland) | 1.9 | % | |||||
| 2. | Toyota Motor Corp. (Japan) | 1.6 | ||||||
| 3. | Royal Dutch Shell plc, Class B (Netherlands) | 1.6 | ||||||
| 4. | Roche Holding AG (Switzerland) | 1.5 | ||||||
| 5. | TOTAL SA (France) | 1.5 | ||||||
| 6. | British American Tobacco plc (United Kingdom) | 1.5 | ||||||
| 7. | SAP SE (Germany) | 1.4 | ||||||
| 8. | Vodafone Group plc (United Kingdom) | 1.3 | ||||||
| 9. | BNP Paribas SA (France) | 1.3 | ||||||
| 10. | Air Liquide SA (France) | 1.2 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
Japan | 24.1 | % | ||
United Kingdom | 14.1 | |||
France | 12.3 | |||
Germany | 9.7 | |||
Switzerland | 8.6 | |||
Netherlands | 6.2 | |||
Australia | 4.7 | |||
Spain | 3.5 | |||
Italy | 2.7 | |||
Hong Kong | 2.1 | |||
Finland | 1.5 | |||
Singapore | 1.3 | |||
Belgium | 1.0 | |||
Others (each less than 1.0%) | 4.6 | |||
Short-Term Investment | 3.6 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change. |
| 20 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | April 23, 1993 | |||||||||||||||||
With Sales Charge** | (2.59 | )% | 6.86 | % | 4.84 | % | 1.04 | % | ||||||||||
Without Sales Charge | 2.81 | 12.79 | 5.97 | 1.59 | ||||||||||||||
CLASS I SHARES | October 28, 1992 | 2.94 | 13.03 | 6.24 | 1.84 | |||||||||||||
CLASS R6 SHARES | November 1, 2017 | 2.98 | 13.09 | 6.25 | 1.85 | |||||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
TEN YEAR PERFORMANCE (4/30/08 to 4/30/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Research Enhanced Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from April 30, 2008 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside of the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 21 | ||||||
Table of Contents
JPMorgan International Unconstrained Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 0.65% | |||
Morgan Stanley Capital International (“MSCI”) All Country World Index, Ex-U.S. (net of foreign withholding taxes) | 3.47% | |||
Net Assets as of 4/30/2018 (In Thousands) | $ | 565,416 | ||
INVESTMENT OBJECTIVE**
The JPMorgan International Unconstrained Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the MSCI All Country World Index, Ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.
By sector, the Fund’s security selection in the consumer discretionary and consumer staples sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the financials and energy sectors was a leading contributor to relative performance.
By region, the Fund’s security selection and overweight position in Europe and its security selection in Japan were leading detractors from performance relative to the Benchmark. The Fund’s security selection in emerging markets and the Pacific, excluding Japan, was a leading contributor to relative performance.
Leading individual detractors from the Fund’s relative performance included the its overweight positions in Altice NV, AMS AG and British American Tobacco PLC. Shares of Altice, a Netherlands telecommunications and media company, fell amid investor concerns about the company’s high debt level and weak results for the third quarter of 2017. Shares of AMS, an Austrian maker of analog semiconductors and sensors, fell after the company forecast weak sales for the second quarter of 2018. Shares of British American Tobacco, a U.K. tobacco
producer, fell after the company reported lower-than-expected sales in 2017, amid a broader decline in demand for tobacco products.
Leading individual contributors to the Fund’s relative performance included the its overweight positions in Ping An Insurance Co., AIA Group Ltd. and CNOOC Ltd. Shares of Ping An Insurance, a Chinese financial services company, rose after the company announced plans to spin off its health care and technology business via an estimated $1 billion initial public offering in Hong Kong. Shares of AIA Group, a Hong Kong life insurer, rose after the company reported better-than-expected earnings for its latest fiscal year. Shares of CNOOC, China’s largest state-owned petroleum company, rose amid profit growth and an increase in global oil prices.
HOW WAS THE FUND POSITIONED?
By harnessing their team’s global sector specialists, the Fund’s portfolio managers sought to build a high-conviction, benchmark-agnostic portfolio of growth, value and unique companies, whose future prospects, the managers believed, were under-appreciated by the market and thus possessed the potential to deliver higher-than-expected earnings that could have a positive effect on the share price.
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 22 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Royal Dutch Shell plc, Class A (Netherlands) | 3.3 | % | |||||
| 2. | HDFC Bank Ltd., ADR (India) | 3.2 | ||||||
| 3. | AIA Group Ltd. (Hong Kong) | 3.1 | ||||||
| 4. | Ping An Insurance Group Co. of China Ltd., Class H (China) | 3.1 | ||||||
| 5. | CK Asset Holdings Ltd. (Hong Kong) | 2.9 | ||||||
| 6. | Linde AG (Germany) | 2.8 | ||||||
| 7. | Unilever NV, CVA (United Kingdom) | 2.8 | ||||||
| 8. | Aviva plc (United Kingdom) | 2.6 | ||||||
| 9. | BHP Billiton plc (Australia) | 2.6 | ||||||
| 10. | Itau Unibanco Holding SA (Preference) (Brazil) | 2.5 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
United Kingdom | 13.3 | % | ||
Germany | 9.9 | |||
Switzerland | 9.6 | |||
Netherlands | 9.0 | |||
China | 8.9 | |||
Japan | 8.6 | |||
Hong Kong | 6.0 | |||
South Korea | 4.8 | |||
France | 3.9 | |||
India | 3.2 | |||
Austria | 2.9 | |||
Canada | 2.7 | |||
Australia | 2.6 | |||
Brazil | 2.5 | |||
Indonesia | 2.2 | |||
South Africa | 2.2 | |||
wSpain | 2.0 | |||
| Finland | 1.5 | |||
| Denmark | 1.0 | |||
Short-Term Investment | 3.2 | |||
| *** | Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change. |
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 23 | ||||||
Table of Contents
JPMorgan International Unconstrained Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 | ||||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | SINCE INCEPTION | ||||||||||||||||
CLASS A SHARES | November 30, 2011 | |||||||||||||||||||
With Sales Charge** | (4.72 | )% | 6.93 | % | 5.39 | % | 8.18 | % | ||||||||||||
Without Sales Charge | 0.56 | 12.83 | 6.53 | 9.09 | ||||||||||||||||
CLASS C SHARES | November 30, 2011 | |||||||||||||||||||
With CDSC*** | (0.72 | ) | 11.20 | 5.98 | 8.54 | |||||||||||||||
Without CDSC | 0.28 | 12.20 | 5.98 | 8.54 | ||||||||||||||||
CLASS I SHARES | November 30, 2011 | 0.65 | 13.11 | 6.84 | 9.40 | |||||||||||||||
CLASS R2 SHARES | November 30, 2011 | 0.37 | 12.47 | 6.24 | 8.81 | |||||||||||||||
CLASS R5 SHARES | November 30, 2011 | 0.73 | 13.23 | 6.99 | 9.57 | |||||||||||||||
CLASS R6 SHARES | November 30, 2011 | 0.77 | 13.32 | 7.04 | 9.62 | |||||||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (11/30/11 TO 4/30/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.
The Fund commenced operations on November 30, 2011.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Unconstrained Equity Fund, the MSCI All Country World Index, ex-U.S. and the Lipper International Large-Cap Growth Funds Index from November 30, 2011 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index, ex-U.S. does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI All Country World Index, ex-U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and
emerging markets, excluding the United States. The Lipper International Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Subsequent to the inception date of the Fund and through May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| 24 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
JPMorgan International Value Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class L Shares)* | 3.16% | |||
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes) | 3.41% | |||
Net Assets as of 4/30/2018 (In Thousands) | $ | 757,429 | ||
INVESTMENT OBJECTIVE**
The JPMorgan International Value Fund (the “Fund”) seeks to provide high total return from a portfolio of foreign company equity securities.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.
By sector, the Fund’s security selection in the basic industries and consumer staples sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the banks and technology-software sectors was a leading contributor to relative performance.
By region, the Fund’s security selection in Europe and North America was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the Pacific and Japan was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Outokumpu Oyj, TransCanada Corp. and Norsk Hydro ASA. Shares of Outokumpu, a Finnish stainless steel producer, fell amid weak earnings and investor concerns about potential U.S. trade tariffs. Shares of TransCanada, a Canadian operator of oil and natural gas pipelines, fell amid legal challenges to the company’s Keystone XL pipeline permit. Shares of Norsk Hydro, a Norwegian aluminum producer, fell amid investor concerns about potential U.S. trade tariffs.
Leading individual contributors to relative performance included the Fund’s overweight positions in Otsuka Corp., DBS Group Holdings Ltd. and Deutsche Boerse AG. Shares of Otsuka, a Japanese pharmaceuticals and supplements maker, rose after the U.S. Food and Drug Administration approved the use of the company’s drug for kidney disease. Shares of DBS Group Holdings, a Singapore financial services company, rose after the company forecast earnings growth and reported growth in loans. Shares of Deutsche Boerse, a German operator financial products exchanges, rose after the company reported growth in revenue and earnings for the first quarter of 2018.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, seeking to identify what they believed were the most attractive value investment opportunities within each sector. The Fund’s portfolio managers looked for securities that they believed possessed an attractive valuation signal (as measured by a proprietary dividend discount model) and a timely catalyst that would enable the securities to realize their inherent value. In addition, the Fund employed futures and currency forwards to help manage cash flows and currency exposure.
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 25 | ||||||
Table of Contents
JPMorgan International Value Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Royal Dutch Shell plc, Class A (Netherlands) | 5.1 | % | |||||
| 2. | TOTAL SA (France) | 3.3 | ||||||
| 3. | Mitsubishi UFJ Financial Group, Inc (Japan) | 2.5 | ||||||
| 4. | BNP Paribas SA (France) | 2.3 | ||||||
| 5. | Honda Motor Co. Ltd (Japan) | 2.3 | ||||||
| 6. | AXA SA (France) | 2.2 | ||||||
| 7. | Australia & New Zealand Banking Group Ltd. (Australia) | 2.2 | ||||||
| 8. | Enel SpA (Italy) | 2.1 | ||||||
| 9. | Vodafone Group plc (United Kingdom) | 2.1 | ||||||
| 10. | Iberdrola SA (Spain) | 2.0 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
Japan | 24.7 | % | ||
France | 15.5 | |||
United Kingdom | 12.6 | |||
Netherlands | 8.6 | |||
Switzerland | 8.1 | |||
Germany | 7.2 | |||
Italy | 3.9 | |||
Spain | 3.3 | |||
Australia | 3.2 | |||
Belgium | 2.1 | |||
Singapore | 1.5 | |||
Austria | 1.3 | |||
Canada | 1.3 | |||
Sweden | 1.0 | |||
United States | 1.0 | |||
Others (each less than 1.0%) | 4.7 | |||
| *** | Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change. |
| 26 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 | ||||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||||
CLASS A SHARES | September 28, 2001 | |||||||||||||||||||
With Sales Charge** | (2.39 | )% | 6.84 | % | 2.57 | % | 0.43 | % | ||||||||||||
Without Sales Charge | 3.02 | 12.75 | 3.69 | 0.97 | ||||||||||||||||
CLASS C SHARES | July 11, 2006 | |||||||||||||||||||
With CDSC*** | 1.71 | 11.15 | 3.16 | 0.46 | ||||||||||||||||
Without CDSC | 2.71 | 12.15 | 3.16 | 0.46 | ||||||||||||||||
CLASS I SHARES | September 10, 2001 | 3.11 | 13.09 | 3.99 | 1.24 | |||||||||||||||
CLASS L SHARES | November 4, 1993 | 3.16 | 13.20 | 4.12 | 1.38 | |||||||||||||||
CLASS R2 SHARES | November 3, 2008 | 2.79 | 12.42 | 3.42 | 0.72 | |||||||||||||||
CLASS R5 SHARES | September 9, 2016 | 3.13 | 13.19 | 4.11 | 1.38 | |||||||||||||||
CLASS R6 SHARES | November 30, 2010 | 3.22 | 13.36 | 4.25 | 1.47 | |||||||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/08 TO 4/30/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R2 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns of R2 Shares would have been lower than those shown because R2 Shares have higher expenses than Class A Shares.
Returns for Class R5 Shares and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares and Class R6 Shares would have been different than those shown because Class R5 Shares and Class R6 Shares have different expenses than Class L Shares.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Average from April 30, 2008 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from
double taxation treaties. The performance of the Lipper International Large-Cap Value Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Value Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in the world’s equity markets, excluding the U.S. and Canada. Investors cannot invest directly in an index. The Lipper International Large-Cap Value Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.
Class L Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 27 | ||||||
Table of Contents
JPMorgan Intrepid International Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 1.41% | |||
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | 3.41% | |||
Net Assets as of 4/30/2018 (In Thousands) | $3,646,268 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Intrepid International Fund (the “Fund”) seeks to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class A Shares, without a sales charge, underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018. The Fund’s portfolio managers attempted to construct the Fund so that security selection and style factors (i.e., growth, value and quality characteristics) would be the primary drivers of returns.
The Fund’s security selection in the industrials and information technology sector was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the financials and consumer staples sectors was a leading contributor to relative performance.
The Fund targeted investments in companies that exhibited specific growth, value and quality characteristics during the period. Due to the relatively large number of securities held in the Fund during the reporting period, the impact of individual holdings on the Fund’s relative performance tended to be small.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers believe that attractively valued, high quality securities with positive momentum have the potential to outperform the market. During the reporting period, the Fund’s portfolio managers invested in securities that they believed were attractive based on their proprietary multifactor model.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Royal Dutch Shell plc, Class B (Netherlands) | | 1.9 | % | ||||
| 2. | Novartis AG (Registered) (Switzerland) | | 1.9 | | ||||
| 3. | Roche Holding AG (Switzerland) | | 1.6 | | ||||
| 4. | Toyota Motor Corp. (Japan) | | 1.6 | | ||||
| 5. | Allianz SE (Registered) (Germany) | | 1.6 | | ||||
| 6. | Rio Tinto plc (United Kingdom) | | 1.4 | | ||||
| 7. | Novo Nordisk A/S, Class B (Denmark) | | 1.3 | | ||||
| 8. | DBS Group Holdings Ltd. (Singapore) | | 1.2 | | ||||
| 9. | Oversea-Chinese Banking Corp. Ltd. (Singapore) | | 1.1 | | ||||
| 10. | Macquarie Group Ltd. (Australia) | | 1.0 | | ||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
| Japan | | 23.5 | % | |
| United Kingdom | | 13.4 | ||
| Switzerland | | 9.1 | ||
| Netherlands | | 8.3 | ||
| Germany | | 7.6 | ||
| Australia | | 6.9 | ||
| France | | 6.6 | ||
| Sweden | | 3.6 | ||
| Denmark | | 3.3 | ||
| Singapore | | 2.7 | ||
| Finland | | 2.3 | ||
| Spain | | 1.8 | ||
| Hong Kong | | 1.7 | ||
| Norway | | 1.6 | ||
| Belgium | | 1.5 | ||
| Austria | | 1.2 | ||
| Italy | | 1.2 | ||
| Others (each less than 1.0%) | | 2.0 | | |
| Short-Term Investment | | 1.7 | | |
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of April 30, 2018 . The Fund’s portfolio composition is subject to change. |
| 28 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | April 30, 2001 | |||||||||||||||||
With Sales Charge** | (3.91 | )% | 6.39 | % | 4.63 | % | 1.20 | % | ||||||||||
Without Sales Charge | 1.41 | 12.27 | 5.76 | 1.74 | ||||||||||||||
CLASS C SHARES | February 28, 2006 | |||||||||||||||||
With CDSC*** | 0.15 | 10.66 | 5.23 | 1.23 | ||||||||||||||
Without CDSC | 1.15 | 11.66 | 5.23 | 1.23 | ||||||||||||||
CLASS I SHARES | February 28, 2006 | 1.52 | 12.52 | 6.08 | 2.02 | |||||||||||||
CLASS R2 SHARES | November 3, 2008 | 1.26 | 11.94 | 5.49 | 1.50 | |||||||||||||
CLASS R6 SHARES | May 29, 2015 | 1.67 | 12.82 | 6.30 | 2.25 | |||||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/08 TO 4/30/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R2 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.
Returns for Class R6 Shares prior to its inception date are based on the performance of the now liquidated Institutional Class Shares. The actual returns of R6 Shares would have been different than those shown because R6 Shares have different expenses than Institutional Class Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Intrepid International Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from April 30, 2008 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The
performance of the Lipper International Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Multi-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class A Shares have a $1,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 29 | ||||||
Table of Contents
JPMorgan Emerging Economies Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stocks — 96.6% | ||||||||
Argentina — 0.3% | ||||||||
| 60 | Banco Macro SA, ADR | 5,819 | ||||||
|
| |||||||
Brazil — 9.8% | ||||||||
| 1,789 | Banco Bradesco SA, ADR (a) | 17,529 | ||||||
| 2,188 | Banco do Brasil SA (a) | 22,935 | ||||||
| 1,117 | Banco Santander Brasil SA | 12,166 | ||||||
| 2,317 | Cia de Saneamento do Parana (Preference) | 7,011 | ||||||
| 1,144 | Estacio Participacoes SA | 10,352 | ||||||
| 170 | Fibria Celulose SA | 3,345 | ||||||
| 2,559 | Itau Unibanco Holding SA, ADR | 37,177 | ||||||
| 3,379 | Kroton Educacional SA | 13,570 | ||||||
| 247 | Magazine Luiza SA | 7,473 | ||||||
| 2,982 | Metalurgica Gerdau SA (Preference) | 6,682 | ||||||
| 2,046 | MRV Engenharia e Participacoes SA | 8,727 | ||||||
| 2,414 | Petroleo Brasileiro SA (Preference) (a) | 15,834 | ||||||
| 621 | Qualicorp SA | 4,302 | ||||||
| 663 | Suzano Papel e Celulose SA | 7,740 | ||||||
| 2,076 | Vale SA, ADR (a) | 28,727 | ||||||
|
| |||||||
| 203,570 | ||||||||
|
| |||||||
Chile — 0.4% | ||||||||
| 552 | Antofagasta plc | 7,369 | ||||||
|
| |||||||
China — 25.5% | ||||||||
| 1,214 | AAC Technologies Holdings, Inc. | 17,424 | ||||||
| 289 | Alibaba Group Holding Ltd., ADR (a) | 51,585 | ||||||
| 3,373 | Anhui Conch Cement Co. Ltd., Class H | 21,053 | ||||||
| 38,231 | Bank of China Ltd., Class H | 20,753 | ||||||
| 40,167 | China Construction Bank Corp., Class H | 42,081 | ||||||
| 6,383 | China Merchants Bank Co. Ltd., Class H | 27,833 | ||||||
| 2,446 | China Shenhua Energy Co. Ltd., Class H | 6,000 | ||||||
| 12,042 | Country Garden Holdings Co. Ltd. | 24,554 | ||||||
| 7,777 | Dali Foods Group Co. Ltd., Reg. S (e) | 5,384 | ||||||
| 132 | Daqo New Energy Corp., ADR (a) | 7,034 | ||||||
| 10,928 | Fosun International Ltd. | 23,222 | ||||||
| 9,804 | Guangzhou Automobile Group Co. Ltd., Class H | 17,958 | ||||||
| 56,870 | Industrial & Commercial Bank of China Ltd., Class H | 49,948 | ||||||
| 65 | NetEase, Inc., ADR | 16,593 | ||||||
| 2,367 | Nexteer Automotive Group Ltd. (a) | 3,642 | ||||||
| 9,482 | PICC Property & Casualty Co. Ltd., Class H | 16,974 | ||||||
| 2,274 | Ping An Insurance Group Co. of China Ltd., Class H | 22,220 | ||||||
| 5,310 | Shenzhen Expressway Co. Ltd., Class H | 5,388 | ||||||
| 843 | Sunny Optical Technology Group Co. Ltd. | 13,756 | ||||||
| 1,998 | Tencent Holdings Ltd. | 98,213 | ||||||
| 5,746 | Weichai Power Co. Ltd., Class H | 6,652 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
China — continued | ||||||||
| 936 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H, Reg. S (e) | 3,961 | ||||||
| 5,832 | Yanzhou Coal Mining Co. Ltd., Class H | 7,298 | ||||||
| 123 | Yirendai Ltd., ADR | 4,335 | ||||||
| 137 | YY, Inc., ADR (a) | 13,207 | ||||||
| 1,805 | Zhongsheng Group Holdings Ltd. | 5,173 | ||||||
|
| |||||||
| 532,241 | ||||||||
|
| |||||||
Hong Kong — 2.4% | ||||||||
| 2,989 | Haier Electronics Group Co. Ltd. (a) | 10,341 | ||||||
| 1,982 | Kingboard Chemical Holdings Ltd. | 8,062 | ||||||
| 3,715 | Kingboard Laminates Holdings Ltd. | 4,951 | ||||||
| 18,788 | WH Group Ltd., Reg. S (e) | 19,451 | ||||||
| 5,556 | Xinyi Glass Holdings Ltd. (a) | 7,987 | ||||||
|
| |||||||
| 50,792 | ||||||||
|
| |||||||
Hungary — 1.7% | ||||||||
| 916 | MOL Hungarian Oil & Gas plc | 10,579 | ||||||
| 569 | OTP Bank Nyrt | 24,802 | ||||||
|
| |||||||
| 35,381 | ||||||||
|
| |||||||
India — 2.4% | ||||||||
| 1,430 | HCL Technologies Ltd. | 22,506 | ||||||
| 421 | NIIT Technologies Ltd. | 7,291 | ||||||
| 3,325 | Vedanta Ltd. | 14,761 | ||||||
| 106 | WNS Holdings Ltd., ADR (a) | 5,172 | ||||||
|
| |||||||
| 49,730 | ||||||||
|
| |||||||
Indonesia — 1.2% | ||||||||
| 17,822 | Bank Negara Indonesia Persero Tbk. PT | 10,261 | ||||||
| 60,292 | Bank Rakyat Indonesia Persero Tbk. PT | 13,901 | ||||||
|
| |||||||
| 24,162 | ||||||||
|
| |||||||
Kazakhstan — 0.3% | ||||||||
| 553 | KAZ Minerals plc (a) | 6,990 | ||||||
|
| |||||||
Luxembourg — 0.4% | ||||||||
| 212 | Ternium SA, ADR | 8,390 | ||||||
|
| |||||||
Malaysia — 2.5% | ||||||||
| 12,351 | AirAsia Bhd. | 12,066 | ||||||
| 8,158 | CIMB Group Holdings Bhd. | 14,867 | ||||||
| 3,864 | Malayan Banking Bhd. | 10,592 | ||||||
| 3,633 | Tenaga Nasional Bhd. | 14,629 | ||||||
|
| |||||||
| 52,154 | ||||||||
|
| |||||||
Panama — 1.1% | ||||||||
| 205 | Copa Holdings SA, Class A | 24,039 | ||||||
|
| |||||||
Poland — 0.8% |
| |||||||
| 145 | Jastrzebska Spolka Weglowa SA (a) | 3,398 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 30 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stocks — continued | ||||||||
Poland — continued |
| |||||||
| 547 | Polski Koncern Naftowy ORLEN SA | 13,932 | ||||||
|
| |||||||
| 17,330 | ||||||||
|
| |||||||
Qatar — 0.4% |
| |||||||
| 201 | Qatar National Bank QPSC | 8,336 | ||||||
|
| |||||||
Russia — 7.5% | ||||||||
| 1,580 | Aeroflot PJSC | 3,611 | ||||||
| 11,402 | Alrosa PJSC | 16,208 | ||||||
| 935 | Evraz plc | 5,881 | ||||||
| 339 | LUKOIL PJSC, ADR | 22,580 | ||||||
| 11,101 | Magnitogorsk Iron & Steel Works PJSC | 8,552 | ||||||
| 874 | MMC Norilsk Nickel PJSC, ADR | 15,021 | ||||||
| 1,833 | Mobile TeleSystems PJSC, ADR | 19,247 | ||||||
| 60 | Novatek PJSC, Reg. S, GDR | 7,563 | ||||||
| 16 | Novolipetsk Steel PJSC, Reg. S, GDR | 416 | ||||||
| 141 | Ros Agro plc, Reg. S, GDR | 1,537 | ||||||
| 321,660 | RusHydro PJSC | 3,800 | ||||||
| 9 | Sberbank of Russia PJSC, ADR | 130 | ||||||
| 1,354 | Sberbank of Russia PJSC, ADR | 20,029 | ||||||
| 714 | Severstal PJSC, Reg. S, GDR | 11,370 | ||||||
| 174 | Tatneft PJSC, ADR | 11,230 | ||||||
| 158 | Tatneft PJSC, ADR | 10,113 | ||||||
|
| |||||||
| 157,288 | ||||||||
|
| |||||||
Singapore — 1.1% |
| |||||||
| 15,230 | IGG, Inc. | 22,904 | ||||||
|
| |||||||
South Africa — 1.7% | ||||||||
| 268 | Astral Foods Ltd. | 6,602 | ||||||
| 239 | Kumba Iron Ore Ltd. | 5,111 | ||||||
| 1,391 | Standard Bank Group Ltd. | 23,858 | ||||||
|
| |||||||
| 35,571 | ||||||||
|
| |||||||
South Korea — 16.9% |
| |||||||
| 529 | Hana Financial Group, Inc. | 23,486 | ||||||
| 237 | Hyundai Marine & Fire Insurance Co. Ltd. | 8,449 | ||||||
| 1,095 | Industrial Bank of Korea | 17,176 | ||||||
| 218 | KT&G Corp. | 19,924 | ||||||
| 64 | LG Chem Ltd. | 21,493 | ||||||
| 78 | LG Corp. | 5,903 | ||||||
| 309 | LG Electronics, Inc. | 29,326 | ||||||
| 16 | Lotte Chemical Corp. | 6,269 | ||||||
| 52 | NCSoft Corp. | 17,479 | ||||||
| 144 | PSK, Inc. | 3,093 | ||||||
| 31 | Samsung Electronics Co. Ltd. (bb) | 77,119 | ||||||
| 21 | Samsung SDI Co. Ltd. | 3,562 | ||||||
| 169 | Seoul Semiconductor Co. Ltd. | 2,985 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
South Korea — continued |
| |||||||
| 145 | SFA Engineering Corp. | 4,381 | ||||||
| 459 | Shinhan Financial Group Co. Ltd. | 20,457 | ||||||
| 70 | Silicon Works Co. Ltd. | 2,443 | ||||||
| 349 | SK Hynix, Inc. | 27,458 | ||||||
| 134 | SK Innovation Co. Ltd. | 24,480 | ||||||
| 131 | S-Oil Corp. | 13,449 | ||||||
| 137 | TES Co. Ltd. | 3,820 | ||||||
| 1,346 | Woori Bank | 20,102 | ||||||
|
| |||||||
| 352,854 | ||||||||
|
| |||||||
Taiwan — 10.6% |
| |||||||
| 1,030 | Accton Technology Corp. | 2,354 | ||||||
| 1,638 | Catcher Technology Co. Ltd. | 18,166 | ||||||
| 3,469 | Chipbond Technology Corp. | 6,874 | ||||||
| 2,649 | Compeq Manufacturing Co. Ltd. | 2,639 | ||||||
| 34,064 | CTBC Financial Holding Co. Ltd. | 24,293 | ||||||
| 2,572 | E Ink Holdings, Inc. | 2,846 | ||||||
| 1,735 | FLEXium Interconnect, Inc. (a) | 4,535 | ||||||
| 12,306 | Fubon Financial Holding Co. Ltd. | 21,054 | ||||||
| 1,659 | General Interface Solution Holding Ltd. | 9,931 | ||||||
| 11,447 | Macronix International (a) | 18,185 | ||||||
| 1,821 | MediaTek, Inc. (a) | 20,711 | ||||||
| 2,014 | Nanya Technology Corp. | 6,269 | ||||||
| 275 | Phison Electronics Corp. | 2,490 | ||||||
| 3,202 | Powertech Technology, Inc. | 9,166 | ||||||
| 1,545 | Sino-American Silicon Products, Inc. (a) | 6,631 | ||||||
| 784 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 30,152 | ||||||
| 6,627 | Winbond Electronics Corp. | 4,056 | ||||||
| 974 | Yageo Corp. (a) | 20,416 | ||||||
| 20,336 | Yuanta Financial Holding Co. Ltd. | 9,705 | ||||||
|
| |||||||
| 220,473 | ||||||||
|
| |||||||
Thailand — 4.0% |
| |||||||
| 3,165 | Kiatnakin Bank PCL | 7,377 | ||||||
| 16,985 | Krung Thai Bank PCL | 9,757 | ||||||
| 5,606 | PTT Global Chemical PCL | 17,326 | ||||||
| 13,338 | PTT PCL | 23,667 | ||||||
| 17,317 | Star Petroleum Refining PCL | 8,589 | ||||||
| 3,143 | Thai Oil PCL | 9,356 | ||||||
| 2,708 | Tisco Financial Group PCL | 7,597 | ||||||
|
| |||||||
| 83,669 | ||||||||
|
| |||||||
Turkey — 3.7% |
| |||||||
| 3,268 | Akbank Turk A/S | 6,800 | ||||||
| 2,320 | Eregli Demir ve Celik Fabrikalari TAS (a) | 5,791 | ||||||
| 8,966 | Petkim Petrokimya Holding A/S (a) | 15,845 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 31 | ||||||
Table of Contents
JPMorgan Emerging Economies Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stocks — continued | ||||||||
Turkey — continued |
| |||||||
| 2,049 | Tekfen Holding A/S | 7,755 | ||||||
| 1,638 | Turk Hava Yollari AO (a) | 6,766 | ||||||
| 5,017 | Turkcell Iletisim Hizmetleri A/S | 17,274 | ||||||
| 2,412 | Turkiye Garanti Bankasi A/S | 5,463 | ||||||
| 5,123 | Turkiye Halk Bankasi A/S | 10,481 | ||||||
|
| |||||||
| 76,175 | ||||||||
|
| |||||||
United Kingdom — 0.5% |
| |||||||
| 456 | Anglo American plc | 10,720 | ||||||
|
| |||||||
United States — 1.1% | ||||||||
| 277 | Cognizant Technology Solutions Corp., Class A | 22,699 | ||||||
|
| |||||||
Vietnam — 0.3% | ||||||||
| 2,424 | Hoa Phat Group JSC (a) | 5,713 | ||||||
|
| |||||||
Total Common Stocks | 2,014,369 | |||||||
|
| |||||||
Short-Term Investment — 3.4% | ||||||||
Investment Company — 3.4% |
| |||||||
| 69,885 | JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) | 69,885 | ||||||
|
| |||||||
Total Investments — 100.0% | 2,084,254 | |||||||
Other Assets in Excess of | 537 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,084,791 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2018
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 24.8 | % | ||
Oil, Gas & Consumable Fuels | 8.9 | |||
Internet Software & Services | 8.6 | |||
Metals & Mining | 7.7 | |||
Semiconductors & Semiconductor Equipment | 7.3 | |||
Technology Hardware, Storage & Peripherals | 4.6 | |||
Electronic Equipment, Instruments & Components | 4.4 | |||
Chemicals | 2.9 | |||
IT Services | 2.4 | |||
Household Durables | 2.3 | |||
Software | 2.3 | |||
Insurance | 2.3 | |||
Airlines | 2.2 | |||
Wireless Telecommunication Services | 1.7 | |||
Food Products | 1.6 | |||
Industrial Conglomerates | 1.4 | |||
Real Estate Management & Development | 1.2 | |||
Diversified Consumer Services | 1.1 | |||
Diversified Financial Services | 1.0 | |||
Construction Materials | 1.0 | |||
Tobacco | 1.0 | |||
Others (each less than 1.0%) | 5.9 | |||
Short-Term Investment | 3.4 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| 32 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stocks — 97.4% | ||||||||
Argentina — 2.9% | ||||||||
| 440 | MercadoLibre, Inc. | 149,272 | ||||||
|
| |||||||
Australia — 0.5% | ||||||||
| 4,107 | Oil Search Ltd. | 24,164 | ||||||
|
| |||||||
Brazil — 7.9% | ||||||||
| 8,231 | Ambev SA, ADR | 54,489 | ||||||
| 3,264 | Cielo SA | 17,918 | ||||||
| 1,076 | Itau Unibanco Holding SA (Preference) | 15,626 | ||||||
| 4,864 | Itau Unibanco Holding SA, ADR | 70,671 | ||||||
| 16,900 | Kroton Educacional SA | 67,876 | ||||||
| 6,545 | Lojas Renner SA | 60,724 | ||||||
| 846 | Marcopolo SA | 780 | ||||||
| 6,582 | Marcopolo SA (Preference) | 7,685 | ||||||
| 5,347 | Petrobras Distribuidora SA | 34,726 | ||||||
| 1,331 | Raia Drogasil SA (a) | 26,113 | ||||||
| 2,252 | Ultrapar Participacoes SA | 39,035 | ||||||
| 1,671 | WEG SA | 8,477 | ||||||
|
| |||||||
| 404,120 | ||||||||
|
| |||||||
China — 25.9% | ||||||||
| 2,320 | AAC Technologies Holdings, Inc. | 33,291 | ||||||
| 1,279 | Alibaba Group Holding Ltd., ADR (a) | 228,340 | ||||||
| 15,417 | Fuyao Glass Industry Group Co. Ltd., Class A | 54,372 | ||||||
| 10,482 | Hangzhou Robam Appliances Co. Ltd., Class A | 55,060 | ||||||
| 12,813 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 52,954 | ||||||
| 2,725 | JD.com, Inc., ADR (a) | 99,483 | ||||||
| 457 | Kweichow Moutai Co. Ltd., Class A | 47,451 | ||||||
| 8,555 | Midea Group Co. Ltd., Class A | 69,428 | ||||||
| 643 | New Oriental Education & Technology Group, Inc., ADR | 57,745 | ||||||
| 20,695 | Ping An Insurance Group Co. of China Ltd., Class H | 202,214 | ||||||
| 4,105 | Shenzhou International Group Holdings Ltd. | 44,811 | ||||||
| 6,561 | Tencent Holdings Ltd. | 322,563 | ||||||
| 1,121 | Yum China Holdings, Inc. | 47,913 | ||||||
|
| |||||||
| 1,315,625 | ||||||||
|
| |||||||
Egypt — 0.9% | ||||||||
| 9,193 | Commercial International Bank Egypt SAE (Registered), Reg. S, GDR | 47,160 | ||||||
|
| |||||||
Hong Kong — 6.9% | ||||||||
| 28,321 | AIA Group Ltd. | 253,114 | ||||||
| 516 | Jardine Matheson Holdings Ltd. | 31,227 | ||||||
| 11,194 | Techtronic Industries Co. Ltd. | 65,574 | ||||||
|
| |||||||
| 349,915 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
India — 18.4% | ||||||||
| 1,781 | Asian Paints Ltd. | 31,991 | ||||||
| 3,584 | HDFC Bank Ltd. | 107,492 | ||||||
| 945 | HDFC Bank Ltd., ADR | 90,519 | ||||||
| 9,865 | HDFC Standard Life Insurance Co. Ltd., Reg. S (e) | 76,276 | ||||||
| 7,440 | Housing Development Finance Corp. Ltd. | 209,522 | ||||||
| 2,824 | IndusInd Bank Ltd. | 79,965 | ||||||
| 14,965 | ITC Ltd. | 62,947 | ||||||
| 3,303 | Kotak Mahindra Bank Ltd. | 59,775 | ||||||
| 2,518 | Tata Consultancy Services Ltd. | 132,927 | ||||||
| 1,135 | Tata Motors Ltd., ADR (a) | 28,519 | ||||||
| 915 | UltraTech Cement Ltd. | 56,175 | ||||||
|
| |||||||
| 936,108 | ||||||||
|
| |||||||
Indonesia — 2.3% | ||||||||
| 71,409 | Astra International Tbk. PT | 36,549 | ||||||
| 35,605 | Bank Central Asia Tbk. PT | 56,302 | ||||||
| 98,768 | Bank Rakyat Indonesia Persero Tbk. PT | 22,773 | ||||||
|
| |||||||
| 115,624 | ||||||||
|
| |||||||
Macau — 0.7% | ||||||||
| 6,128 | Sands China Ltd. | 35,414 | ||||||
|
| |||||||
Mexico — 3.6% | ||||||||
| 9,980 | Becle SAB de CV (a) | 16,975 | ||||||
| 589 | Fomento Economico Mexicano SAB de CV, ADR | 56,980 | ||||||
| 11,169 | Grupo Financiero Banorte SAB de CV, Class O | 69,848 | ||||||
| 8,646 | Infraestructura Energetica Nova SAB de CV | 38,100 | ||||||
|
| |||||||
| 181,903 | ||||||||
|
| |||||||
Panama — 0.9% | ||||||||
| 405 | Copa Holdings SA, Class A | 47,450 | ||||||
|
| |||||||
Peru — 1.4% | ||||||||
| 310 | Credicorp Ltd. | 72,029 | ||||||
|
| |||||||
Russia — 3.7% | ||||||||
| 446 | Magnit PJSC | 34,608 | ||||||
| 146 | Magnit PJSC, Reg. S, GDR | 2,754 | ||||||
| 42,387 | Sberbank of Russia PJSC | 151,089 | ||||||
|
| |||||||
| 188,451 | ||||||||
|
| |||||||
South Africa — 5.9% | ||||||||
| 4,435 | Bid Corp. Ltd. | 101,954 | ||||||
| 3,233 | Bidvest Group Ltd. (The) | 63,341 | ||||||
| 336 | Capitec Bank Holdings Ltd. | 23,898 | ||||||
| 5,049 | FirstRand Ltd. | 27,038 | ||||||
| 1,734 | Mr Price Group Ltd. | 38,041 | ||||||
| 7,045 | Sanlam Ltd. | 44,503 | ||||||
|
| |||||||
| 298,775 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 33 | ||||||
Table of Contents
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stocks — continued | ||||||||
South Korea — 6.9% |
| |||||||
| 53 | NAVER Corp. | 35,039 | ||||||
| 91 | NCSoft Corp. | 30,618 | ||||||
| 182 | Netmarble Games Corp., Reg. S (e) | 24,877 | ||||||
| 106 | Samsung Electronics Co. Ltd. (bb) | 262,745 | ||||||
|
| |||||||
| 353,279 | ||||||||
|
| |||||||
Spain — 0.5% |
| |||||||
| 3,396 | Prosegur Cia de Seguridad SA | 25,672 | ||||||
|
| |||||||
Taiwan — 6.0% |
| |||||||
| 553 | Largan Precision Co. Ltd. | 64,318 | ||||||
| 5,867 | President Chain Store Corp. | 57,670 | ||||||
| 4,744 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 182,393 | ||||||
|
| |||||||
| 304,381 | ||||||||
|
| |||||||
Thailand — 0.6% | ||||||||
| 5,132 | Kasikornbank PCL, NVDR | 31,644 | ||||||
|
| |||||||
Turkey — 0.3% |
| |||||||
| 1,037 | Ford Otomotiv Sanayi A/S | 14,274 | ||||||
|
| |||||||
United States — 1.2% |
| |||||||
| 517 | EPAM Systems, Inc. (a) | 59,128 | ||||||
|
| |||||||
Total Common Stocks | 4,954,388 | |||||||
|
| |||||||
| NUMBER OF WARRANTS | ||||||||
Warrants — 0.5% | ||||||||
United States — 0.5% | ||||||||
Almarai Co. | ||||||||
| 1,597 | expiring 07/11/2019 | 25,288 | ||||||
| 90 | expiring 07/20/2020 | 1,429 | ||||||
|
| |||||||
Total Warrants | 26,717 | |||||||
|
| |||||||
| SHARES | ||||||||
Short-Term Investment — 2.2% | ||||||||
Investment Company — 2.2% | ||||||||
| 112,528 | JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) | 112,528 | ||||||
|
| |||||||
Total Investments — 100.1% | 5,093,633 | |||||||
Liabilities in Excess of | (5,212 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,088,421 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2018
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 17.6 | % | ||
Internet Software & Services | 14.4 | |||
Insurance | 11.3 | |||
Technology Hardware, Storage & Peripherals | 5.2 | |||
Food & Staples Retailing | 4.4 | |||
IT Services | 4.1 | |||
Thrifts & Mortgage Finance | 4.1 | |||
Household Durables | 3.7 | |||
Semiconductors & Semiconductor Equipment | 3.6 | |||
Beverages | 3.4 | |||
Diversified Consumer Services | 2.5 | |||
Internet & Direct Marketing Retail | 2.0 | |||
Electronic Equipment, Instruments & Components | 1.9 | |||
Industrial Conglomerates | 1.9 | |||
Hotels, Restaurants & Leisure | 1.6 | |||
Food Products | 1.6 | |||
Automobiles | 1.6 | |||
Specialty Retail | 1.4 | |||
Oil, Gas & Consumable Fuels | 1.2 | |||
Tobacco | 1.2 | |||
Multiline Retail | 1.2 | |||
Construction Materials | 1.1 | |||
Software | 1.1 | |||
Auto Components | 1.1 | |||
Others (each less than 1.0%) | 4.6 | |||
Short-Term Investment | 2.2 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| 34 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — 98.0% | ||||||||
Argentina — 0.0% (g) |
| |||||||
| 3 | MercadoLibre, Inc. | 1,185 | ||||||
|
| |||||||
Australia — 2.5% |
| |||||||
| 109 | AGL Energy Ltd. | 1,773 | ||||||
| 1,126 | Alumina Ltd. | 2,217 | ||||||
| 316 | Amcor Ltd. | 3,258 | ||||||
| 505 | AMP Ltd. | 1,530 | ||||||
| 306 | APA Group | 1,916 | ||||||
| 74 | Aristocrat Leisure Ltd. | 1,481 | ||||||
| 24 | ASX Ltd. | 1,058 | ||||||
| 675 | Aurizon Holdings Ltd. | 2,271 | ||||||
| 659 | Australia & New Zealand Banking Group Ltd. | 13,253 | ||||||
| 86 | Bendigo & Adelaide Bank Ltd. | 682 | ||||||
| 669 | BHP Billiton Ltd. | 15,607 | ||||||
| 228 | BHP Billiton plc | 4,858 | ||||||
| 237 | Boral Ltd. | 1,221 | ||||||
| 321 | Brambles Ltd. | 2,375 | ||||||
| 78 | Caltex Australia Ltd. | 1,807 | ||||||
| 96 | Challenger Ltd. | 780 | ||||||
| 240 | Coca-Cola Amatil Ltd. | 1,675 | ||||||
| 18 | Cochlear Ltd. | 2,688 | ||||||
| 352 | Commonwealth Bank of Australia | 18,928 | ||||||
| 178 | Computershare Ltd. | 2,258 | ||||||
| 10 | Crown Resorts Ltd. | 99 | ||||||
| 94 | CSL Ltd. | 12,062 | ||||||
| 228 | Dexus | 1,622 | ||||||
| 165 | Fortescue Metals Group Ltd. | 560 | ||||||
| 427 | Goodman Group | 2,907 | ||||||
| 152 | GPT Group (The) | 552 | ||||||
| 274 | Incitec Pivot Ltd. | 781 | ||||||
| 385 | Insurance Australia Group Ltd. | 2,281 | ||||||
| 121 | LendLease Group | 1,623 | ||||||
| 72 | Macquarie Group Ltd. | 5,849 | ||||||
| 487 | Medibank Pvt Ltd. | 1,069 | ||||||
| 1,378 | Mirvac Group | 2,313 | ||||||
| 581 | National Australia Bank Ltd. | 12,630 | ||||||
| 149 | Newcrest Mining Ltd. | 2,364 | ||||||
| 340 | Oil Search Ltd. | 2,000 | ||||||
| 130 | Orica Ltd. | 1,935 | ||||||
| 317 | Origin Energy Ltd. (a) | 2,317 | ||||||
| 372 | QBE Insurance Group Ltd. | 2,779 | ||||||
| 38 | Ramsay Health Care Ltd. | 1,870 | ||||||
| 25 | REA Group Ltd. | 1,491 | ||||||
| 317 | Santos Ltd. (a) | 1,459 | ||||||
| 1,430 | Scentre Group | 4,322 | ||||||
| 6 | SEEK Ltd. | 90 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Australia — continued | ||||||||
| 54 | Sonic Healthcare Ltd. | 950 | ||||||
| 1,368 | South32 Ltd. | 3,797 | ||||||
| 544 | Stockland | 1,690 | ||||||
| 358 | Suncorp Group Ltd. | 3,770 | ||||||
| 362 | Sydney Airport | 1,936 | ||||||
| 513 | Tabcorp Holdings Ltd. | 1,686 | ||||||
| 908 | Telstra Corp. Ltd. | 2,158 | ||||||
| 175 | TPG Telecom Ltd. | 734 | ||||||
| 519 | Transurban Group | 4,518 | ||||||
| 110 | Treasury Wine Estates Ltd. | 1,567 | ||||||
| 634 | Vicinity Centres | 1,161 | ||||||
| 226 | Wesfarmers Ltd. | 7,420 | ||||||
| 278 | Westfield Corp. | 1,921 | ||||||
| 676 | Westpac Banking Corp. | 14,530 | ||||||
| 149 | Woodside Petroleum Ltd. | 3,605 | ||||||
| 312 | Woolworths Group Ltd. | 6,535 | ||||||
|
| |||||||
| 204,589 | ||||||||
|
| |||||||
Austria — 0.1% |
| |||||||
| 256 | Erste Group Bank AG (a) | 12,524 | ||||||
|
| |||||||
Belgium — 0.4% |
| |||||||
| 161 | Anheuser-Busch InBev SA/NV | 16,042 | ||||||
| 126 | KBC Group NV | 10,992 | ||||||
| 80 | UCB SA | 6,045 | ||||||
|
| |||||||
| 33,079 | ||||||||
|
| |||||||
Bermuda — 0.0% (g) |
| |||||||
| 87 | Marvell Technology Group Ltd. | 1,747 | ||||||
|
| |||||||
Canada — 3.2% |
| |||||||
| 50 | Agnico Eagle Mines Ltd. | 2,084 | ||||||
| 99 | Alimentation Couche-Tard, Inc., Class B | 4,285 | ||||||
| 85 | ARC Resources Ltd. | 943 | ||||||
| 147 | Bank of Montreal | 11,192 | ||||||
| 267 | Bank of Nova Scotia (The) | 16,389 | ||||||
| 262 | Barrick Gold Corp. | 3,526 | ||||||
| 36 | BCE, Inc. | 1,542 | ||||||
| 210 | Brookfield Asset Management, Inc., Class A | 8,324 | ||||||
| 93 | Canadian Imperial Bank of Commerce | 8,117 | ||||||
| 179 | Canadian National Railway Co. | 13,791 | ||||||
| 257 | Canadian Natural Resources Ltd. | 9,273 | ||||||
| 34 | Canadian Pacific Railway Ltd. | 6,236 | ||||||
| 16 | Canadian Tire Corp. Ltd., Class A | 2,227 | ||||||
| 199 | Cenovus Energy, Inc. | 1,990 | ||||||
| 52 | CGI Group, Inc., Class A (a) | 3,019 | ||||||
| 4 | Constellation Software, Inc. | 3,200 | ||||||
| 126 | Crescent Point Energy Corp. | 1,100 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 35 | ||||||
Table of Contents
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
Canada — continued | ||||||||
| 27 | Dollarama, Inc. | 3,144 | ||||||
| 185 | Enbridge, Inc. | 5,589 | ||||||
| 201 | Encana Corp. | 2,502 | ||||||
| 5 | Fairfax Financial Holdings Ltd. | 2,909 | ||||||
| 66 | Fortis, Inc. | 2,204 | ||||||
| 41 | Franco-Nevada Corp. | 2,873 | ||||||
| 57 | Gildan Activewear, Inc. | 1,656 | ||||||
| 188 | Goldcorp, Inc. | 2,497 | ||||||
| 73 | Great-West Lifeco, Inc. | 1,952 | ||||||
| 70 | Imperial Oil Ltd. | 2,168 | ||||||
| 31 | Intact Financial Corp. | 2,349 | ||||||
| 84 | Inter Pipeline Ltd. | 1,509 | ||||||
| 294 | Kinross Gold Corp. (a) | 1,138 | ||||||
| 53 | Loblaw Cos. Ltd. | 2,707 | ||||||
| 93 | Magna International, Inc. | 5,521 | ||||||
| 462 | Manulife Financial Corp. | 8,721 | ||||||
| 59 | Metro, Inc. | 1,883 | ||||||
| 78 | National Bank of Canada | 3,712 | ||||||
| 155 | Nutrien Ltd. | 7,069 | ||||||
| 60 | Open Text Corp. | 2,110 | ||||||
| 89 | Pembina Pipeline Corp. | 2,825 | ||||||
| 88 | Power Corp. of Canada | 2,089 | ||||||
| 62 | Power Financial Corp. | 1,600 | ||||||
| 51 | Restaurant Brands International, Inc. | 2,802 | ||||||
| 85 | Rogers Communications, Inc., Class B | 4,012 | ||||||
| 319 | Royal Bank of Canada | 24,285 | ||||||
| 60 | Saputo, Inc. | 1,948 | ||||||
| 96 | Shaw Communications, Inc., Class B | 1,967 | ||||||
| 37 | SNC-Lavalin Group, Inc. | 1,613 | ||||||
| 144 | Sun Life Financial, Inc. | 5,964 | ||||||
| 364 | Suncor Energy, Inc. | 13,921 | ||||||
| 126 | Teck Resources Ltd., Class B | 3,170 | ||||||
| 81 | Thomson Reuters Corp. | 3,246 | ||||||
| 403 | Toronto-Dominion Bank (The) | 22,611 | ||||||
| 166 | TransCanada Corp. | 7,050 | ||||||
| 98 | Wheaton Precious Metals Corp. | 2,036 | ||||||
|
| |||||||
| 262,590 | ||||||||
|
| |||||||
China — 0.1% | ||||||||
| 934 | BOC Hong Kong Holdings Ltd. | 4,828 | ||||||
| 412 | Yangzijiang Shipbuilding Holdings Ltd. | 360 | ||||||
|
| |||||||
| 5,188 | ||||||||
|
| |||||||
Denmark — 0.6% | ||||||||
| 41 | Chr Hansen Holding A/S | 3,678 | ||||||
| 120 | Danske Bank A/S | 4,177 | ||||||
| 43 | Genmab A/S (a) | 8,637 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Denmark — continued | ||||||||
| 675 | Novo Nordisk A/S, Class B | 31,728 | ||||||
|
| |||||||
| 48,220 | ||||||||
|
| |||||||
Finland — 0.3% | ||||||||
| 60 | Cargotec OYJ, Class B | 3,069 | ||||||
| 119 | Konecranes OYJ | 4,859 | ||||||
| 734 | Nokia OYJ | 4,404 | ||||||
| 474 | Outokumpu OYJ | 3,070 | ||||||
| 376 | UPM-Kymmene OYJ | 13,408 | ||||||
|
| |||||||
| 28,810 | ||||||||
|
| |||||||
France — 4.5% | ||||||||
| 235 | Accor SA | 13,271 | ||||||
| 156 | Air Liquide SA | 20,245 | ||||||
| 204 | Airbus SE | 23,997 | ||||||
| 107 | Alstom SA | 4,854 | ||||||
| 50 | Arkema SA | 6,591 | ||||||
| 120 | AXA SA | 3,424 | ||||||
| 371 | BNP Paribas SA | 28,624 | ||||||
| 129 | Capgemini SE | 17,787 | ||||||
| 88 | Cie Generale des Etablissements Michelin SCA | 12,324 | ||||||
| 467 | Engie SA | 8,187 | ||||||
| 28 | Kering SA | 16,078 | ||||||
| 87 | Legrand SA | 6,764 | ||||||
| 89 | LVMH Moet Hennessy Louis Vuitton SE | 30,927 | ||||||
| 355 | Natixis SA | 2,915 | ||||||
| 76 | Pernod Ricard SA | 12,583 | ||||||
| 221 | Publicis Groupe SA | 16,517 | ||||||
| 102 | Renault SA | 11,039 | ||||||
| 163 | Sanofi | 12,896 | ||||||
| 254 | Schneider Electric SE (a) | 22,986 | ||||||
| 69 | Sodexo SA | 6,810 | ||||||
| 121 | Thales SA | 15,360 | ||||||
| 657 | TOTAL SA | 41,264 | ||||||
| 35 | Unibail-Rodamco SE | 8,403 | ||||||
| 216 | Vinci SA | 21,581 | ||||||
| 246 | Vivendi SA | 6,479 | ||||||
|
| |||||||
| 371,906 | ||||||||
|
| |||||||
Germany — 3.2% | ||||||||
| 90 | adidas AG | 22,070 | ||||||
| 107 | Allianz SE (Registered) | 25,375 | ||||||
| 222 | BASF SE | 23,060 | ||||||
| 129 | Bayer AG (Registered) | 15,466 | ||||||
| 72 | Bayerische Motoren Werke AG | 8,005 | ||||||
| 51 | Brenntag AG | 2,912 | ||||||
| 55 | Continental AG | 14,773 | ||||||
| 108 | Daimler AG (Registered) | 8,523 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 36 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
Germany — continued | ||||||||
| 106 | Deutsche Post AG (Registered) | 4,580 | ||||||
| 1,199 | Deutsche Telekom AG (Registered) | 20,994 | ||||||
| 84 | Henkel AG & Co. KGaA (Preference) | 10,620 | ||||||
| 662 | Infineon Technologies AG | 16,945 | ||||||
| 30 | Linde AG (a) | 6,683 | ||||||
| 82 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 18,722 | ||||||
| 82 | RWE AG | 1,950 | ||||||
| 294 | SAP SE | 32,612 | ||||||
| 103 | Siemens AG (Registered) | 13,089 | ||||||
| 98 | Volkswagen AG (Preference) | 20,191 | ||||||
|
| |||||||
| 266,570 | ||||||||
|
| |||||||
Hong Kong — 1.2% | ||||||||
| 2,508 | AIA Group Ltd. | 22,413 | ||||||
| 67 | ASM Pacific Technology Ltd. | 922 | ||||||
| 41 | Bank of East Asia Ltd. (The) | 180 | ||||||
| 442 | CK Asset Holdings Ltd. | 3,814 | ||||||
| 669 | CK Hutchison Holdings Ltd. | 7,909 | ||||||
| 220 | CK Infrastructure Holdings Ltd. | 1,732 | ||||||
| 460 | CLP Holdings Ltd. | 4,777 | ||||||
| 558 | Galaxy Entertainment Group Ltd. | 4,884 | ||||||
| 59 | Hang Lung Properties Ltd. | 140 | ||||||
| 209 | Hang Seng Bank Ltd. | 5,294 | ||||||
| 367 | Henderson Land Development Co. Ltd. | 2,329 | ||||||
| 556 | HKT Trust & HKT Ltd. | 732 | ||||||
| 2,019 | Hong Kong & China Gas Co. Ltd. | 4,219 | ||||||
| 229 | Hong Kong Exchanges & Clearing Ltd. | 7,402 | ||||||
| 243 | Hongkong Land Holdings Ltd. | 1,756 | ||||||
| 2,431 | Hutchison Port Holdings Trust | 810 | ||||||
| 21 | Jardine Matheson Holdings Ltd. | 1,241 | ||||||
| 342 | Kerry Properties Ltd. | 1,635 | ||||||
| 1,756 | Li & Fung Ltd. | 883 | ||||||
| 375 | Link REIT | 3,314 | ||||||
| 220 | MTR Corp. Ltd. | 1,236 | ||||||
| 673 | New World Development Co. Ltd. | 987 | ||||||
| 410 | NWS Holdings Ltd. | 808 | ||||||
| 279 | Power Assets Holdings Ltd. | 2,074 | ||||||
| 1,172 | Sino Land Co. Ltd. | 2,023 | ||||||
| 363 | Sun Hung Kai Properties Ltd. | 5,846 | ||||||
| 204 | Swire Pacific Ltd., Class A | 2,011 | ||||||
| 99 | Techtronic Industries Co. Ltd. | 577 | ||||||
| 1,040 | WH Group Ltd., Reg. S (e) | 1,076 | ||||||
| 381 | Wharf Holdings Ltd. (The) | 1,268 | ||||||
| 363 | Wharf Real Estate Investment Co. Ltd. | 2,722 | ||||||
| 335 | Wheelock & Co. Ltd. | 2,485 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Hong Kong — continued | ||||||||
| 249 | Yue Yuen Industrial Holdings Ltd. | 706 | ||||||
|
| |||||||
| 100,205 | ||||||||
|
| |||||||
Ireland — 0.4% | ||||||||
| 487 | CRH plc | 17,293 | ||||||
| 134 | James Hardie Industries plc, CDI | 2,369 | ||||||
| 96 | Ryanair Holdings plc, ADR (a) | 10,540 | ||||||
|
| |||||||
| 30,202 | ||||||||
|
| |||||||
Israel — 0.0% (g) | ||||||||
| 155 | Teva Pharmaceutical Industries Ltd., ADR | 2,783 | ||||||
|
| |||||||
Italy — 0.7% | ||||||||
| 209 | Assicurazioni Generali SpA | 4,221 | ||||||
| 4,071 | Enel SpA | 25,823 | ||||||
| 160 | Eni SpA | 3,132 | ||||||
| 644 | Intesa Sanpaolo SpA | 2,450 | ||||||
| 1,105 | Italgas SpA | 7,153 | ||||||
| 395 | Snam SpA | 1,895 | ||||||
| 697 | UniCredit SpA | 15,119 | ||||||
|
| |||||||
| 59,793 | ||||||||
|
| |||||||
Japan — 8.6% | ||||||||
| 57 | AEON Financial Service Co. Ltd. | 1,340 | ||||||
| 59 | Aeon Mall Co. Ltd. | 1,183 | ||||||
| 168 | Ajinomoto Co., Inc. | 3,069 | ||||||
| 47 | Alfresa Holdings Corp. | 1,033 | ||||||
| 199 | Amada Holdings Co. Ltd. | 2,384 | ||||||
| 147 | Asahi Group Holdings Ltd. | 7,446 | ||||||
| 330 | Asahi Kasei Corp. | 4,542 | ||||||
| 269 | Astellas Pharma, Inc. | 3,929 | ||||||
| 132 | Bandai Namco Holdings, Inc. | 4,480 | ||||||
| 199 | Bridgestone Corp. | 8,302 | ||||||
| 170 | Canon, Inc. | 5,848 | ||||||
| 11 | Central Japan Railway Co. | 2,144 | ||||||
| 29 | Chugai Pharmaceutical Co. Ltd. | 1,508 | ||||||
| 25 | Coca-Cola Bottlers Japan Holdings, Inc. | 1,054 | ||||||
| 596 | Concordia Financial Group Ltd. | 3,463 | ||||||
| 34 | Dai Nippon Printing Co. Ltd. | 721 | ||||||
| 374 | Daicel Corp. | 4,313 | ||||||
| 205 | Dai-ichi Life Holdings, Inc. | 4,060 | ||||||
| 213 | Daiichi Sankyo Co. Ltd. | 7,293 | ||||||
| 78 | Daikin Industries Ltd. | 9,100 | ||||||
| 18 | Daito Trust Construction Co. Ltd. | 2,937 | ||||||
| 198 | Daiwa House Industry Co. Ltd. | 7,232 | ||||||
| — | (h) | Daiwa House REIT Investment Corp. | 770 | |||||
| 49 | Denso Corp. | 2,561 | ||||||
| 95 | East Japan Railway Co. | 9,136 | ||||||
| 165 | Electric Power Development Co. Ltd. | 4,485 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 37 | ||||||
Table of Contents
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
Japan — continued |
| |||||||
| 29 | FANUC Corp. | 6,148 | ||||||
| 8 | Fast Retailing Co. Ltd. | 3,424 | ||||||
| 160 | Fuji Electric Co. Ltd. | 1,141 | ||||||
| 142 | FUJIFILM Holdings Corp. | 5,715 | ||||||
| 572 | Fujitsu Ltd. | 3,468 | ||||||
| 54 | Hakuhodo DY Holdings, Inc. | 760 | ||||||
| 25 | Hankyu Hanshin Holdings, Inc. | 999 | ||||||
| 68 | Hisamitsu Pharmaceutical Co., Inc. | 5,293 | ||||||
| 16 | Hitachi High-Technologies Corp. | 728 | ||||||
| 1,371 | Hitachi Ltd. | 10,006 | ||||||
| 436 | Honda Motor Co. Ltd. | 14,999 | ||||||
| 63 | Hoya Corp. | 3,350 | ||||||
| 302 | Hulic Co. Ltd. | 3,254 | ||||||
| 399 | ITOCHU Corp. | 7,981 | ||||||
| 248 | J Front Retailing Co. Ltd. | 4,020 | ||||||
| 117 | Japan Airlines Co. Ltd. | 4,609 | ||||||
| 40 | Japan Exchange Group, Inc. | 741 | ||||||
| 77 | Japan Post Bank Co. Ltd. | 1,049 | ||||||
| — | (h) | Japan Prime Realty Investment Corp. | 704 | |||||
| — | (h) | Japan Real Estate Investment Corp. | 1,316 | |||||
| 1 | Japan Retail Fund Investment Corp. | 1,250 | ||||||
| 246 | Japan Tobacco, Inc. | 6,618 | ||||||
| 87 | JFE Holdings, Inc. | 1,790 | ||||||
| 54 | JTEKT Corp. | 870 | ||||||
| 1,176 | JXTG Holdings, Inc. | 7,665 | ||||||
| 254 | Kansai Electric Power Co., Inc. (The) | 3,548 | ||||||
| 114 | Kao Corp. | 8,181 | ||||||
| 128 | Kawasaki Heavy Industries Ltd. | 4,276 | ||||||
| 287 | KDDI Corp. | 7,691 | ||||||
| 34 | Keikyu Corp. | 614 | ||||||
| 26 | Keyence Corp. | 15,549 | ||||||
| 21 | Kintetsu Group Holdings Co. Ltd. | 870 | ||||||
| 152 | Kirin Holdings Co. Ltd. | 4,264 | ||||||
| 170 | Komatsu Ltd. | 5,795 | ||||||
| 23 | Kose Corp. | 4,324 | ||||||
| 43 | Kubota Corp. | 722 | ||||||
| 35 | Kyocera Corp. | 2,236 | ||||||
| 185 | Kyowa Hakko Kirin Co. Ltd. | 4,003 | ||||||
| 80 | Kyushu Electric Power Co., Inc. | 992 | ||||||
| 137 | M3, Inc. | 5,167 | ||||||
| 76 | Mabuchi Motor Co. Ltd. | 3,813 | ||||||
| 234 | Marui Group Co. Ltd. | 4,850 | ||||||
| 230 | Mazda Motor Corp. | 3,195 | ||||||
| 770 | Mebuki Financial Group, Inc. | 2,988 | ||||||
| 20 | MEIJI Holdings Co. Ltd. | 1,604 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — continued |
| |||||||
| 335 | Mitsubishi Chemical Holdings Corp. | 3,166 | ||||||
| 436 | Mitsubishi Corp. | 12,026 | ||||||
| 555 | Mitsubishi Electric Corp. | 8,505 | ||||||
| 64 | Mitsubishi Estate Co. Ltd. | 1,175 | ||||||
| 25 | Mitsubishi Tanabe Pharma Corp. | 482 | ||||||
| 2,794 | Mitsubishi UFJ Financial Group, Inc. | 18,726 | ||||||
| 117 | Mitsubishi UFJ Lease & Finance Co. Ltd. | 746 | ||||||
| 389 | Mitsui & Co. Ltd. | 7,016 | ||||||
| 147 | Mitsui Chemicals, Inc. | 4,220 | ||||||
| 146 | Mitsui Fudosan Co. Ltd. | 3,740 | ||||||
| 2,809 | Mizuho Financial Group, Inc. | 5,082 | ||||||
| 38 | MS&AD Insurance Group Holdings, Inc. | 1,274 | ||||||
| 33 | Murata Manufacturing Co. Ltd. | 4,179 | ||||||
| 188 | NGK Spark Plug Co. Ltd. | 4,814 | ||||||
| 43 | NH Foods Ltd. | 1,879 | ||||||
| 60 | Nidec Corp. | 9,387 | ||||||
| 23 | Nintendo Co. Ltd. | 9,664 | ||||||
| — | (h) | Nippon Building Fund, Inc. | 1,427 | |||||
| — | (h) | Nippon Prologis REIT, Inc. | 542 | |||||
| 271 | Nippon Steel & Sumitomo Metal Corp. | 5,883 | ||||||
| 208 | Nippon Telegraph & Telephone Corp. | 9,885 | ||||||
| 133 | Nippon Yusen KK | 2,837 | ||||||
| 568 | Nissan Motor Co. Ltd. | 5,977 | ||||||
| 25 | Nitori Holdings Co. Ltd. | 4,148 | ||||||
| 48 | Nitto Denko Corp. | 3,583 | ||||||
| 471 | Nomura Holdings, Inc. | 2,712 | ||||||
| 1 | Nomura Real Estate Master Fund, Inc. | 735 | ||||||
| 77 | Nomura Research Institute Ltd. | 3,940 | ||||||
| 118 | NSK Ltd. | 1,572 | ||||||
| 318 | NTT DOCOMO, Inc. | 8,213 | ||||||
| 134 | Obayashi Corp. | 1,548 | ||||||
| 6 | Obic Co. Ltd. | 486 | ||||||
| 122 | Olympus Corp. | 4,549 | ||||||
| 211 | Ono Pharmaceutical Co. Ltd. | 4,877 | ||||||
| 59 | Oriental Land Co. Ltd. | 5,830 | ||||||
| 449 | ORIX Corp. | 7,871 | ||||||
| 95 | Otsuka Corp. | 4,411 | ||||||
| 164 | Otsuka Holdings Co. Ltd. | 8,548 | ||||||
| 660 | Panasonic Corp. | 9,771 | ||||||
| 141 | Persol Holdings Co. Ltd. | 3,342 | ||||||
| 145 | Recruit Holdings Co. Ltd. | 3,339 | ||||||
| 261 | Resona Holdings, Inc. | 1,482 | ||||||
| 47 | Rohm Co. Ltd. | 4,337 | ||||||
| 6 | Ryohin Keikaku Co. Ltd. | 1,950 | ||||||
| 61 | Santen Pharmaceutical Co. Ltd. | 1,016 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 38 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
Japan — continued |
| |||||||
| 191 | Seibu Holdings, Inc. | 3,214 | ||||||
| 95 | Seiko Epson Corp. | 1,788 | ||||||
| 250 | Sekisui House Ltd. | 4,589 | ||||||
| 226 | Seven & i Holdings Co. Ltd. | 9,949 | ||||||
| 11 | Shimano, Inc. | 1,423 | ||||||
| 389 | Shimizu Corp. | 3,847 | ||||||
| 69 | Shin-Etsu Chemical Co. Ltd. | 6,884 | ||||||
| 12 | Shionogi & Co. Ltd. | 601 | ||||||
| 43 | Shiseido Co. Ltd. | 2,777 | ||||||
| 156 | Shizuoka Bank Ltd. (The) | 1,582 | ||||||
| 14 | SMC Corp. | 5,168 | ||||||
| 191 | SoftBank Group Corp. | 14,579 | ||||||
| 74 | Sompo Holdings, Inc. | 3,098 | ||||||
| 290 | Sony Corp. | 13,526 | ||||||
| 27 | Stanley Electric Co. Ltd. | 972 | ||||||
| 33 | Start Today Co. Ltd. | 956 | ||||||
| 14 | Subaru Corp. | 460 | ||||||
| 508 | Sumitomo Chemical Co. Ltd. | 2,907 | ||||||
| 16 | Sumitomo Corp. | 280 | ||||||
| 340 | Sumitomo Electric Industries Ltd. | 5,202 | ||||||
| 99 | Sumitomo Metal Mining Co. Ltd. | 4,236 | ||||||
| 342 | Sumitomo Mitsui Financial Group, Inc. | 14,271 | ||||||
| 127 | Sumitomo Mitsui Trust Holdings, Inc. | 5,377 | ||||||
| 78 | Sumitomo Realty & Development Co. Ltd. | 3,098 | ||||||
| 20 | Sundrug Co. Ltd. | 1,029 | ||||||
| 48 | Suntory Beverage & Food Ltd. | 2,342 | ||||||
| 11 | Suzuken Co. Ltd. | 460 | ||||||
| 128 | Suzuki Motor Corp. | 6,880 | ||||||
| 247 | T&D Holdings, Inc. | 4,198 | ||||||
| 76 | Takeda Pharmaceutical Co. Ltd. | 3,200 | ||||||
| 78 | THK Co. Ltd. | 2,715 | ||||||
| 61 | Tohoku Electric Power Co., Inc. | 781 | ||||||
| 208 | Tokio Marine Holdings, Inc. | 9,831 | ||||||
| 216 | Tokyo Electric Power Co. Holdings, Inc. (a) | 1,027 | ||||||
| 41 | Tokyo Electron Ltd. | 7,817 | ||||||
| 69 | Tokyo Gas Co. Ltd. | 1,841 | ||||||
| 228 | Tokyo Tatemono Co. Ltd. | 3,466 | ||||||
| 325 | Tokyu Corp. | 5,457 | ||||||
| 134 | Toppan Printing Co. Ltd. | 1,121 | ||||||
| 464 | Toray Industries, Inc. | 4,331 | ||||||
| 1,051 | Toshiba Corp. (a) | 2,817 | ||||||
| 46 | Toyota Industries Corp. | 2,736 | ||||||
| 567 | Toyota Motor Corp. | 37,147 | ||||||
| 27 | Toyota Tsusho Corp. | 965 | ||||||
| 27 | Unicharm Corp. | 768 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — continued |
| |||||||
| 1 | United Urban Investment Corp. | 826 | ||||||
| 192 | Yahoo Japan Corp. | 790 | ||||||
| 173 | Yamato Holdings Co. Ltd. | 4,456 | ||||||
| 25 | Yaskawa Electric Corp. | 1,007 | ||||||
|
| |||||||
| 716,597 | ||||||||
|
| |||||||
Luxembourg — 0.1% |
| |||||||
| 346 | ArcelorMittal | 11,744 | ||||||
|
| |||||||
Macau — 0.1% |
| |||||||
| 658 | Sands China Ltd. | 3,801 | ||||||
| 316 | Wynn Macau Ltd. | 1,169 | ||||||
|
| |||||||
| 4,970 | ||||||||
|
| |||||||
Netherlands — 2.2% | ||||||||
| 49 | Akzo Nobel NV | 4,411 | ||||||
| 136 | ASML Holding NV | 25,967 | ||||||
| 71 | ASR Nederland NV | 3,347 | ||||||
| 113 | Heineken Holding NV | 11,491 | ||||||
| 39 | Heineken NV | 4,088 | ||||||
| 1,449 | ING Groep NV | 24,414 | ||||||
| 753 | Koninklijke Ahold Delhaize NV | 18,155 | ||||||
| 906 | Koninklijke KPN NV | 2,819 | ||||||
| 210 | Koninklijke Philips NV | 8,897 | ||||||
| 1,314 | Royal Dutch Shell plc, Class A | 45,708 | ||||||
| 866 | Royal Dutch Shell plc, Class B | 30,902 | ||||||
| 127 | Wolters Kluwer NV | 6,882 | ||||||
|
| |||||||
| 187,081 | ||||||||
|
| |||||||
New Zealand — 0.1% | ||||||||
| 346 | Auckland International Airport Ltd. | 1,548 | ||||||
| 262 | Fletcher Building Ltd. | 1,162 | ||||||
| 130 | Ryman Healthcare Ltd. | 968 | ||||||
| 662 | Spark New Zealand Ltd. | 1,608 | ||||||
|
| |||||||
| 5,286 | ||||||||
|
| |||||||
Norway — 0.2% | ||||||||
| 732 | Telenor ASA | 16,193 | ||||||
|
| |||||||
Singapore — 0.5% | ||||||||
| 556 | Ascendas REIT | 1,116 | ||||||
| 867 | CapitaLand Ltd. | 2,444 | ||||||
| 379 | CapitaLand Mall Trust | 598 | ||||||
| 390 | ComfortDelGro Corp. Ltd. | 658 | ||||||
| 467 | DBS Group Holdings Ltd. | 10,784 | ||||||
| 771 | Genting Singapore plc | 676 | ||||||
| 17 | Jardine Cycle & Carriage Ltd. | 430 | ||||||
| 428 | Keppel Corp. Ltd. | 2,622 | ||||||
| 811 | Oversea-Chinese Banking Corp. Ltd. | 8,374 | ||||||
| 79 | Singapore Exchange Ltd. | 460 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 39 | ||||||
Table of Contents
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
Singapore — continued |
| |||||||
| 153 | Singapore Press Holdings Ltd. | 313 | ||||||
| 1,671 | Singapore Telecommunications Ltd. | 4,421 | ||||||
| 259 | United Overseas Bank Ltd. | 5,869 | ||||||
| 659 | Wilmar International Ltd. | 1,612 | ||||||
|
| |||||||
| 40,377 | ||||||||
|
| |||||||
Spain — 1.1% |
| |||||||
| 52 | Amadeus IT Group SA | 3,761 | ||||||
| 317 | Banco Bilbao Vizcaya Argentaria SA | 2,565 | ||||||
| 4,611 | Banco Santander SA | 29,790 | ||||||
| 2,949 | Iberdrola SA | 22,788 | ||||||
| 382 | Industria de Diseno Textil SA | 11,845 | ||||||
| 337 | Red Electrica Corp. SA | 7,021 | ||||||
| 666 | Repsol SA | 12,718 | ||||||
| 386 | Telefonica SA | 3,938 | ||||||
|
| |||||||
| 94,426 | ||||||||
|
| |||||||
Sweden — 0.6% | ||||||||
| 318 | Assa Abloy AB, Class B | 6,660 | ||||||
| 94 | Atlas Copco AB, Class B | 3,320 | ||||||
| 8 | Autoliv, Inc. | 1,025 | ||||||
| 967 | Nordea Bank AB | 9,833 | ||||||
| 809 | Sandvik AB | 13,801 | ||||||
| 1,057 | Svenska Handelsbanken AB, Class A | 11,789 | ||||||
|
| |||||||
| 46,428 | ||||||||
|
| |||||||
Switzerland — 2.9% | ||||||||
| 468 | ABB Ltd. (Registered) | 10,910 | ||||||
| 1,059 | Credit Suisse Group AG (Registered) (a) | 17,855 | ||||||
| 162 | Ferguson plc | 12,436 | ||||||
| 3,621 | Glencore plc (a) | 17,444 | ||||||
| 197 | Julius Baer Group Ltd. (a) | 11,677 | ||||||
| 255 | LafargeHolcim Ltd. (Registered) (a) | 14,138 | ||||||
| 35 | Lonza Group AG (Registered) (a) | 8,655 | ||||||
| 653 | Nestle SA (Registered) | 50,601 | ||||||
| 627 | Novartis AG (Registered) | 48,253 | ||||||
| 197 | Roche Holding AG | 43,824 | ||||||
| 316 | UBS Group AG (Registered) (a) | 5,301 | ||||||
|
| |||||||
| 241,094 | ||||||||
|
| |||||||
United Kingdom — 5.8% | ||||||||
| 804 | 3i Group plc | 10,380 | ||||||
| 247 | AstraZeneca plc | 17,321 | ||||||
| 2,671 | Aviva plc | 19,410 | ||||||
| 2,948 | BP plc | 21,900 | ||||||
| 594 | British American Tobacco plc | 32,563 | ||||||
| 1,329 | BT Group plc | 4,562 | ||||||
| 276 | Bunzl plc | 7,998 | ||||||
| 730 | Compass Group plc | 15,665 | ||||||
| 76 | DCC plc | 7,300 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United Kingdom — continued |
| |||||||
| 852 | Diageo plc | 30,388 | ||||||
| 857 | GlaxoSmithKline plc | 17,199 | ||||||
| 3,207 | HSBC Holdings plc | 31,927 | ||||||
| 488 | Imperial Brands plc | 17,476 | ||||||
| 212 | InterContinental Hotels Group plc | 13,399 | ||||||
| 104 | Johnson Matthey plc | 4,696 | ||||||
| 1,159 | Legal & General Group plc | 4,292 | ||||||
| 16 | Liberty Global plc, Class A (a) | 480 | ||||||
| 84 | Liberty Global plc, Class C (a) | 2,430 | ||||||
| 8,135 | Lloyds Banking Group plc | 7,215 | ||||||
| 224 | London Stock Exchange Group plc | 13,212 | ||||||
| 355 | National Grid plc | 4,112 | ||||||
| 1,204 | Prudential plc | 30,961 | ||||||
| 45 | Reckitt Benckiser Group plc | 3,545 | ||||||
| 279 | RELX plc | 5,960 | ||||||
| 105 | Rio Tinto Ltd. | 6,226 | ||||||
| 458 | Rio Tinto plc | 24,976 | ||||||
| 446 | RSA Insurance Group plc | 4,022 | ||||||
| 1,725 | Standard Chartered plc | 18,119 | ||||||
| 3,682 | Taylor Wimpey plc | 9,696 | ||||||
| 2,356 | Tesco plc | 7,632 | ||||||
| 643 | Unilever NV, CVA | 36,885 | ||||||
| 212 | Unilever plc | 11,871 | ||||||
| 9,539 | Vodafone Group plc | 27,837 | ||||||
| 112 | Whitbread plc | 6,583 | ||||||
| 344 | WPP plc | 5,906 | ||||||
|
| |||||||
| 484,144 | ||||||||
|
| |||||||
United States — 58.6% | ||||||||
| 18 | 3M Co. | 3,505 | ||||||
| 369 | Abbott Laboratories | 21,457 | ||||||
| 231 | AbbVie, Inc. | 22,259 | ||||||
| 232 | Accenture plc, Class A | 35,114 | ||||||
| 18 | Activision Blizzard, Inc. | 1,196 | ||||||
| 129 | Adobe Systems, Inc. (a) | 28,482 | ||||||
| 27 | Agilent Technologies, Inc. | 1,762 | ||||||
| 91 | Alcoa Corp. (a) | 4,656 | ||||||
| 49 | Alexion Pharmaceuticals, Inc. (a) | 5,776 | ||||||
| 2 | Alleghany Corp. | 948 | ||||||
| 236 | Allegion plc | 18,235 | ||||||
| 128 | Allergan plc | 19,626 | ||||||
| 31 | Alliance Data Systems Corp. | 6,384 | ||||||
| 7 | Alnylam Pharmaceuticals, Inc. (a) | 704 | ||||||
| 67 | Alphabet, Inc., Class A (a) | 68,101 | ||||||
| 82 | Alphabet, Inc., Class C (a) | 83,570 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 40 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
United States — continued | ||||||||
| 232 | Altria Group, Inc. | 13,026 | ||||||
| 99 | Amazon.com, Inc. (a) | 154,970 | ||||||
| 41 | Ameren Corp. | 2,424 | ||||||
| 288 | American Electric Power Co., Inc. | 20,122 | ||||||
| 165 | American Express Co. | 16,246 | ||||||
| 9 | American Financial Group, Inc. | 1,052 | ||||||
| 490 | American International Group, Inc. | 27,459 | ||||||
| 74 | American Tower Corp. | 10,147 | ||||||
| 140 | AmerisourceBergen Corp. | 12,678 | ||||||
| 82 | Amgen, Inc. | 14,250 | ||||||
| 345 | Analog Devices, Inc. | 30,134 | ||||||
| 129 | Andeavor | 17,792 | ||||||
| 31 | Antero Resources Corp. (a) | 587 | ||||||
| 1,037 | Apple, Inc. | 171,312 | ||||||
| 121 | Aptiv plc | 10,192 | ||||||
| 37 | Aramark | 1,384 | ||||||
| 11 | Arch Capital Group Ltd. (a) | 849 | ||||||
| 10 | Arista Networks, Inc. (a) | 2,725 | ||||||
| 19 | Arrow Electronics, Inc. (a) | 1,445 | ||||||
| 59 | Arthur J Gallagher & Co. | 4,130 | ||||||
| 668 | AT&T, Inc. | 21,828 | ||||||
| 19 | Athene Holding Ltd., Class A (a) | 929 | ||||||
| 11 | Atmos Energy Corp. | 927 | ||||||
| 22 | AutoZone, Inc. (a) | 14,002 | ||||||
| 99 | AvalonBay Communities, Inc. | 16,080 | ||||||
| 19 | Axis Capital Holdings Ltd. | 1,140 | ||||||
| 399 | Ball Corp. | 15,977 | ||||||
| 2,827 | Bank of America Corp. | 84,571 | ||||||
| 438 | BB&T Corp. | 23,128 | ||||||
| 101 | Becton Dickinson and Co. | 23,479 | ||||||
| 203 | Berkshire Hathaway, Inc., Class B (a) | 39,387 | ||||||
| 195 | Best Buy Co., Inc. | 14,947 | ||||||
| 51 | Biogen, Inc. (a) | 14,086 | ||||||
| 33 | BioMarin Pharmaceutical, Inc. (a) | 2,760 | ||||||
| 49 | BlackRock, Inc. | 25,397 | ||||||
| 71 | Boeing Co. (The) | 23,810 | ||||||
| 6 | Booking Holdings, Inc. (a) | 12,785 | ||||||
| 957 | Boston Scientific Corp. (a) | 27,474 | ||||||
| 390 | Bristol-Myers Squibb Co. | 20,323 | ||||||
| 310 | Brixmor Property Group, Inc. | 4,620 | ||||||
| 170 | Broadcom, Inc. | 39,105 | ||||||
| 25 | Broadridge Financial Solutions, Inc. | 2,715 | ||||||
| 69 | CA, Inc. | 2,385 | ||||||
| 16 | Camden Property Trust | 1,348 | ||||||
| 333 | Capital One Financial Corp. | 30,191 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United States — continued | ||||||||
| 140 | Caterpillar, Inc. | 20,272 | ||||||
| 31 | CBRE Group, Inc., Class A (a) | 1,410 | ||||||
| 28 | CDK Global, Inc. | 1,840 | ||||||
| 31 | CDW Corp. | 2,216 | ||||||
| 170 | Celanese Corp., Series A | 18,442 | ||||||
| 159 | Celgene Corp. (a) | 13,861 | ||||||
| 34 | Centene Corp. (a) | 3,681 | ||||||
| 396 | Charles Schwab Corp. (The) | 22,040 | ||||||
| 106 | Charter Communications, Inc., Class A (a) | 28,665 | ||||||
| 436 | Chevron Corp. | 54,577 | ||||||
| 98 | Chubb Ltd. | 13,290 | ||||||
| 170 | Cigna Corp. | 29,130 | ||||||
| 486 | Cisco Systems, Inc. | 21,520 | ||||||
| 872 | Citigroup, Inc. | 59,546 | ||||||
| 30 | CME Group, Inc. | 4,756 | ||||||
| 355 | CMS Energy Corp. | 16,745 | ||||||
| 521 | Coca-Cola Co. (The) | 22,520 | ||||||
| 15 | Cognex Corp. | 702 | ||||||
| 203 | Colgate-Palmolive Co. | 13,218 | ||||||
| 1,597 | Comcast Corp., Class A | 50,122 | ||||||
| 39 | CommScope Holding Co., Inc. (a) | 1,478 | ||||||
| 152 | Concho Resources, Inc. (a) | 23,819 | ||||||
| 80 | Constellation Brands, Inc., Class A | 18,604 | ||||||
| 10 | Cooper Cos., Inc. (The) | 2,271 | ||||||
| 48 | Corning, Inc. | 1,283 | ||||||
| 3 | CoStar Group, Inc. (a) | 1,214 | ||||||
| 29 | Crown Holdings, Inc. (a) | 1,452 | ||||||
| 125 | Cummins, Inc. | 20,061 | ||||||
| 377 | CVS Health Corp. | 26,341 | ||||||
| 130 | Danaher Corp. | 13,019 | ||||||
| 141 | Deere & Co. | 19,111 | ||||||
| 32 | Dell Technologies, Inc., Class V (a) | 2,272 | ||||||
| 34 | Delphi Technologies plc | 1,634 | ||||||
| 305 | Delta Air Lines, Inc. | 15,915 | ||||||
| 185 | Diamondback Energy, Inc. (a) | 23,763 | ||||||
| 62 | Digital Realty Trust, Inc. | 6,518 | ||||||
| 146 | Discover Financial Services | 10,430 | ||||||
| 271 | DISH Network Corp., Class A (a) | 9,080 | ||||||
| 84 | Dollar General Corp. | 8,070 | ||||||
| 211 | Dollar Tree, Inc. (a) | 20,210 | ||||||
| 811 | DowDuPont, Inc. | 51,260 | ||||||
| 302 | DR Horton, Inc. | 13,327 | ||||||
| 38 | Dr Pepper Snapple Group, Inc. | 4,573 | ||||||
| 83 | Duke Realty Corp. | 2,236 | ||||||
| 61 | DXC Technology Co. | 6,326 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 41 | ||||||
Table of Contents
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
United States — continued | ||||||||
| 29 | E*TRADE Financial Corp. (a) | 1,746 | ||||||
| 32 | East West Bancorp, Inc. | 2,159 | ||||||
| 253 | Eastman Chemical Co. | 25,835 | ||||||
| 347 | Eaton Corp. plc | 26,034 | ||||||
| 347 | Eli Lilly & Co. | 28,164 | ||||||
| 340 | EOG Resources, Inc. | 40,134 | ||||||
| 146 | EQT Corp. | 7,330 | ||||||
| 22 | Equinix, Inc. | 9,429 | ||||||
| 171 | Equity Residential | 10,538 | ||||||
| 27 | Essex Property Trust, Inc. | 6,505 | ||||||
| 87 | Estee Lauder Cos., Inc. (The), Class A | 12,835 | ||||||
| 547 | Exxon Mobil Corp. | 42,531 | ||||||
| 467 | Facebook, Inc., Class A (a) | 80,291 | ||||||
| 206 | Fastenal Co. | 10,291 | ||||||
| 68 | Federal Realty Investment Trust | 7,908 | ||||||
| — | (h) | FedEx Corp. | — | (h) | ||||
| 197 | Fidelity National Information Services, Inc. | 18,682 | ||||||
| 10 | FleetCor Technologies, Inc. (a) | 2,174 | ||||||
| 55 | Flex Ltd. (a) | 712 | ||||||
| 24 | FNF Group | 898 | ||||||
| 1,517 | Ford Motor Co. | 17,050 | ||||||
| 191 | Franklin Resources, Inc. | 6,432 | ||||||
| 294 | Freeport-McMoRan, Inc. | 4,468 | ||||||
| 139 | General Dynamics Corp. | 27,908 | ||||||
| 367 | Gilead Sciences, Inc. | 26,484 | ||||||
| 156 | Global Payments, Inc. | 17,652 | ||||||
| 34 | Goldman Sachs Group, Inc. (The) | 8,109 | ||||||
| — | (h) | Halliburton Co. | — | (h) | ||||
| 26 | Harris Corp. | 4,070 | ||||||
| 397 | Hartford Financial Services Group, Inc. (The) | 21,357 | ||||||
| 186 | HCP, Inc. | 4,346 | ||||||
| 25 | HD Supply Holdings, Inc. (a) | 955 | ||||||
| 1,009 | Hewlett Packard Enterprise Co. | 17,199 | ||||||
| 233 | Hilton Worldwide Holdings, Inc. | 18,379 | ||||||
| 39 | Hologic, Inc. (a) | 1,506 | ||||||
| 333 | Home Depot, Inc. (The) | 61,453 | ||||||
| 306 | Honeywell International, Inc. | 44,307 | ||||||
| 887 | HP, Inc. | 19,054 | ||||||
| 1,002 | Huntington Bancshares, Inc. | 14,933 | ||||||
| 8 | IAC/InterActiveCorp (a) | 1,281 | ||||||
| 7 | IDEX Corp. | 982 | ||||||
| 20 | Illumina, Inc. (a) | 4,703 | ||||||
| 309 | Ingersoll-Rand plc | 25,915 | ||||||
| 14 | Ingredion, Inc. | 1,642 | ||||||
| 473 | Intel Corp. | 24,420 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United States — continued | ||||||||
| 307 | Intercontinental Exchange, Inc. | 22,237 | ||||||
| 136 | International Business Machines Corp. | 19,716 | ||||||
| 103 | Intuit, Inc. | 19,035 | ||||||
| 18 | Intuitive Surgical, Inc. (a) | 7,991 | ||||||
| 41 | Invitation Homes, Inc. | 956 | ||||||
| 502 | Johnson & Johnson | 63,444 | ||||||
| 8 | Jones Lang LaSalle, Inc. | 1,376 | ||||||
| 633 | KeyCorp | 12,601 | ||||||
| 205 | Kraft Heinz Co. (The) | 11,540 | ||||||
| 70 | Las Vegas Sands Corp. | 5,109 | ||||||
| 10 | Lear Corp. | 1,832 | ||||||
| 15 | Leidos Holdings, Inc. | 981 | ||||||
| 259 | Lennar Corp., Class A | 13,703 | ||||||
| 7 | Lennox International, Inc. | 1,402 | ||||||
| 23 | Liberty Broadband Corp., Class C (a) | 1,640 | ||||||
| — | (h) | Liberty Interactive Corp. QVC Group, Class A (a) | 8 | |||||
| 14 | Liberty Media Corp.-Liberty Formula One, Class C (a) | 416 | ||||||
| 24 | Liberty Media Corp.-Liberty SiriusXM, Class A (a) | 990 | ||||||
| 29 | Liberty Property Trust | 1,201 | ||||||
| 181 | Lincoln National Corp. | 12,775 | ||||||
| 11 | Live Nation Entertainment, Inc. (a) | 448 | ||||||
| 290 | Lowe’s Cos., Inc. | 23,873 | ||||||
| 15 | ManpowerGroup, Inc. | 1,464 | ||||||
| 194 | Marathon Petroleum Corp. | 14,556 | ||||||
| 1 | Markel Corp. (a) | 1,458 | ||||||
| 397 | Masco Corp. | 15,044 | ||||||
| 104 | Mastercard, Inc., Class A | 18,604 | ||||||
| 56 | Maxim Integrated Products, Inc. | 3,060 | ||||||
| 70 | McDonald’s Corp. | 11,649 | ||||||
| 446 | Medtronic plc | 35,737 | ||||||
| 434 | Merck & Co., Inc. | 25,570 | ||||||
| 331 | MetLife, Inc. | 15,779 | ||||||
| 180 | Microchip Technology, Inc. | 15,100 | ||||||
| 200 | Micron Technology, Inc. (a) | 9,218 | ||||||
| 1,741 | Microsoft Corp. | 162,839 | ||||||
| 61 | Mid-America Apartment Communities, Inc. | 5,597 | ||||||
| 46 | Mohawk Industries, Inc. (a) | 9,625 | ||||||
| 280 | Molson Coors Brewing Co., Class B | 19,945 | ||||||
| 764 | Mondelez International, Inc., Class A | 30,196 | ||||||
| 734 | Morgan Stanley | 37,894 | ||||||
| 12 | MSCI, Inc. | 1,725 | ||||||
| 109 | Mylan NV (a) | 4,237 | ||||||
| 29 | National Retail Properties, Inc. | 1,100 | ||||||
| 42 | Netflix, Inc. (a) | 13,039 | ||||||
| 66 | Newmont Mining Corp. | 2,575 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 42 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
United States — continued | ||||||||
| 223 | NextEra Energy, Inc. | 36,567 | ||||||
| 459 | NIKE, Inc., Class B | 31,385 | ||||||
| 225 | Norfolk Southern Corp. | 32,235 | ||||||
| 97 | Northrop Grumman Corp. | 31,257 | ||||||
| 68 | Nucor Corp. | 4,175 | ||||||
| 191 | NVIDIA Corp. | 42,900 | ||||||
| — | (h) | NVR, Inc. (a) | 837 | |||||
| 350 | Occidental Petroleum Corp. | 27,042 | ||||||
| 243 | ONEOK, Inc. | 14,634 | ||||||
| 856 | Oracle Corp. | 39,103 | ||||||
| 100 | O’Reilly Automotive, Inc. (a) | 25,602 | ||||||
| 22 | Owens Corning | 1,436 | ||||||
| 281 | PACCAR, Inc. | 17,900 | ||||||
| 16 | Palo Alto Networks, Inc. (a) | 3,117 | ||||||
| 29 | Parker-Hannifin Corp. | 4,708 | ||||||
| 242 | Parsley Energy, Inc., Class A (a) | 7,258 | ||||||
| 53 | PayPal Holdings, Inc. (a) | 3,960 | ||||||
| 438 | PepsiCo, Inc. | 44,241 | ||||||
| 1,578 | Pfizer, Inc. | 57,775 | ||||||
| 116 | PG&E Corp. | 5,360 | ||||||
| 541 | Philip Morris International, Inc. | 44,340 | ||||||
| 165 | Pioneer Natural Resources Co. | 33,294 | ||||||
| 24 | Plains GP Holdings LP, Class A | 591 | ||||||
| 178 | Principal Financial Group, Inc. | 10,512 | ||||||
| 302 | Procter & Gamble Co. (The) | 21,863 | ||||||
| 54 | Prologis, Inc. | 3,490 | ||||||
| 157 | Prudential Financial, Inc. | 16,736 | ||||||
| 393 | Public Service Enterprise Group, Inc. | 20,507 | ||||||
| 42 | Public Storage | 8,517 | ||||||
| 83 | PVH Corp. | 13,248 | ||||||
| 39 | Qurate Retail Group, Inc. QVC Group, Class A (a) | 916 | ||||||
| 17 | Raymond James Financial, Inc. | 1,532 | ||||||
| 13 | Reinsurance Group of America, Inc. | 1,999 | ||||||
| 26 | Robert Half International, Inc. | 1,601 | ||||||
| 144 | Ross Stores, Inc. | 11,608 | ||||||
| 32 | Sabre Corp. | 668 | ||||||
| 246 | salesforce.com, Inc. (a) | 29,785 | ||||||
| 14 | SEI Investments Co. | 868 | ||||||
| 36 | ServiceNow, Inc. (a) | 5,993 | ||||||
| 167 | Shire plc | 8,907 | ||||||
| 379 | Sirius XM Holdings, Inc. | 2,398 | ||||||
| 122 | Snap-on, Inc. | 17,703 | ||||||
| 7 | Spectrum Brands Holdings, Inc. | 507 | ||||||
| 12 | Spirit AeroSystems Holdings, Inc., Class A | 925 | ||||||
| 12 | Splunk, Inc. (a) | 1,246 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United States — continued | ||||||||
| 53 | Square, Inc., Class A (a) | 2,512 | ||||||
| 176 | Stanley Black & Decker, Inc. | 24,937 | ||||||
| 126 | Starbucks Corp. | 7,252 | ||||||
| 254 | State Street Corp. | 25,359 | ||||||
| 22 | Steel Dynamics, Inc. | 1,003 | ||||||
| 281 | SunTrust Banks, Inc. | 18,793 | ||||||
| 12 | SVB Financial Group (a) | 3,523 | ||||||
| 226 | Synchrony Financial | 7,492 | ||||||
| 9 | Take-Two Interactive Software, Inc. (a) | 909 | ||||||
| 50 | TD Ameritrade Holding Corp. | 2,879 | ||||||
| 4 | Teleflex, Inc. | 1,117 | ||||||
| 23 | Tesla, Inc. (a) | 6,613 | ||||||
| 411 | Texas Instruments, Inc. | 41,712 | ||||||
| 106 | Thermo Fisher Scientific, Inc. | 22,238 | ||||||
| 167 | Time Warner, Inc. | 15,876 | ||||||
| 303 | T-Mobile US, Inc. (a) | 18,304 | ||||||
| 36 | Toll Brothers, Inc. | 1,527 | ||||||
| 24 | Trimble, Inc. (a) | 821 | ||||||
| 644 | Twenty-First Century Fox, Inc., Class A | 23,559 | ||||||
| 88 | Twenty-First Century Fox, Inc., Class B | 3,156 | ||||||
| 46 | Twitter, Inc. (a) | 1,403 | ||||||
| 64 | Tyson Foods, Inc., Class A | 4,510 | ||||||
| 20 | UGI Corp. | 953 | ||||||
| 350 | Union Pacific Corp. | 46,827 | ||||||
| 16 | United Rentals, Inc. (a) | 2,461 | ||||||
| 253 | United Technologies Corp. | 30,456 | ||||||
| 307 | UnitedHealth Group, Inc. | 72,557 | ||||||
| 22 | Unum Group | 1,085 | ||||||
| 4 | Vail Resorts, Inc. | 991 | ||||||
| 82 | Ventas, Inc. | 4,214 | ||||||
| 252 | VEREIT, Inc. | 1,714 | ||||||
| 346 | Verizon Communications, Inc. | 17,084 | ||||||
| 113 | Vertex Pharmaceuticals, Inc. (a) | 17,316 | ||||||
| 577 | Visa, Inc., Class A | 73,198 | ||||||
| 8 | VMware, Inc., Class A (a) | 1,091 | ||||||
| 162 | Vornado Realty Trust | 11,034 | ||||||
| 199 | Voya Financial, Inc. | 10,410 | ||||||
| 276 | Walgreens Boots Alliance, Inc. | 18,323 | ||||||
| 107 | Walmart, Inc. | 9,485 | ||||||
| 437 | Walt Disney Co. (The) | 43,818 | ||||||
| 58 | Waste Connections, Inc. | 4,170 | ||||||
| 262 | WEC Energy Group, Inc. | 16,832 | ||||||
| 1,099 | Wells Fargo & Co. | 57,115 | ||||||
| 239 | WestRock Co. | 14,116 | ||||||
| 95 | Weyerhaeuser Co. | 3,485 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 43 | ||||||
Table of Contents
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands, except number of Futures contracts)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
United States — continued | ||||||||
| 85 | Workday, Inc., Class A (a) | 10,588 | ||||||
| 193 | Worldpay, Inc. (a) | 15,654 | ||||||
| 43 | Wyndham Worldwide Corp. | 4,855 | ||||||
| 499 | Xcel Energy, Inc. | 23,370 | ||||||
| 231 | Yum Brands, Inc. | 20,102 | ||||||
| 170 | Zimmer Biomet Holdings, Inc. | 19,526 | ||||||
| 41 | Zoetis, Inc. | 3,390 | ||||||
|
| |||||||
| 4,871,960 | ||||||||
|
| |||||||
Total Common Stocks | 8,149,691 | |||||||
|
| |||||||
| NUMBER OF RIGHTS | ||||||||
Rights — 0.0% (g) | ||||||||
New Zealand — 0.0% (g) | ||||||||
| 59 | Fletcher Building Ltd., | 62 | ||||||
|
| |||||||
| SHARES | ||||||||
Short-Term Investment — 2.1% | ||||||||
Investment Company — 2.1% | ||||||||
| 173,270 | JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) | 173,270 | ||||||
|
| |||||||
Total Investments — 100.1% | 8,323,023 | |||||||
Liabilities in Excess of | (5,966 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 8,317,057 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2018
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 8.7 | % | ||
Oil, Gas & Consumable Fuels | 6.4 | |||
Pharmaceuticals | 5.5 | |||
Software | 4.2 | |||
Insurance | 3.9 | |||
IT Services | 3.2 | |||
Semiconductors & Semiconductor Equipment | 3.2 | |||
Capital Markets | 3.0 | |||
Internet Software & Services | 2.8 | |||
Technology Hardware, Storage & Peripherals | 2.6 | |||
Media | 2.6 | |||
Machinery | 2.5 | |||
Chemicals | 2.5 | |||
Beverages | 2.4 | |||
Internet & Direct Marketing Retail | 2.2 | |||
Health Care Equipment & Supplies | 2.1 | |||
Specialty Retail | 2.0 | |||
Equity Real Estate Investment Trusts (REITs) | 1.9 | |||
Electric Utilities | 1.9 | |||
Aerospace & Defense | 1.9 | |||
Hotels, Restaurants & Leisure | 1.8 | |||
Biotechnology | 1.8 | |||
Automobiles | 1.7 | |||
Metals & Mining | 1.7 | |||
Health Care Providers & Services | 1.5 | |||
Road & Rail | 1.5 | |||
Textiles, Apparel & Luxury Goods | 1.4 | |||
Tobacco | 1.4 | |||
Food & Staples Retailing | 1.4 | |||
Food Products | 1.3 | |||
Diversified Telecommunication Services | 1.3 | |||
Electrical Equipment | 1.1 | |||
Industrial Conglomerates | 1.0 | |||
Wireless Telecommunication Services | 1.0 | |||
Others (each less than 1.0%) | 12.5 | |||
Short-Term Investment | 2.1 | |||
| Futures contracts outstanding as of April 30, 2018: | ||||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
EURO STOXX 50 Index | 878 | 06/2018 | EUR | 36,729 | 993 | |||||||||||||||
S&P 500 E-Mini Index | 489 | 06/2018 | USD | 64,719 | (3,470 | ) | ||||||||||||||
TOPIX Index | 98 | 06/2018 | JPY | 15,892 | 620 | |||||||||||||||
|
| |||||||||||||||||||
| (1,857 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 44 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
JPMorgan Global Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stocks — 97.9% | ||||||||
Austria — 3.4% | ||||||||
| 1 | ams AG (a) | 51 | ||||||
| 2 | Erste Group Bank AG (a) | 122 | ||||||
|
| |||||||
| 173 | ||||||||
|
| |||||||
Brazil — 1.2% | ||||||||
| 11 | Cielo SA | 60 | ||||||
|
| |||||||
Canada — 2.1% | ||||||||
| 2 | Toronto-Dominion Bank (The) | 108 | ||||||
|
| |||||||
China — 5.4% | ||||||||
| 1 | CNOOC Ltd., ADR | 92 | ||||||
| 2 | JD.com, Inc., ADR (a) | 75 | ||||||
| 12 | Ping An Insurance Group Co. of China Ltd., Class H | 112 | ||||||
|
| |||||||
| 279 | ||||||||
|
| |||||||
France — 6.3% | ||||||||
| 1 | Airbus SE | 96 | ||||||
| 1 | Safran SA | 123 | ||||||
| 1 | Schneider Electric SE (a) | 108 | ||||||
|
| |||||||
| 327 | ||||||||
|
| |||||||
Germany — 4.2% | ||||||||
| 2 | Delivery Hero AG, Reg. S (a) (e) | 93 | ||||||
| 1 | Linde AG (a) | 123 | ||||||
|
| |||||||
| 216 | ||||||||
|
| |||||||
Hong Kong — 2.1% | ||||||||
| 12 | AIA Group Ltd. | 111 | ||||||
|
| |||||||
India — 3.5% | ||||||||
| 2 | HDFC Bank Ltd., ADR | 180 | ||||||
|
| |||||||
Japan — 4.2% | ||||||||
| 3 | Komatsu Ltd. | 99 | ||||||
| 11 | Renesas Electronics Corp. (a) | 117 | ||||||
|
| |||||||
| 216 | ||||||||
|
| |||||||
Luxembourg — 1.3% | ||||||||
| 2 | ArcelorMittal | 66 | ||||||
|
| |||||||
Singapore — 2.2% |
| |||||||
| 5 | DBS Group Holdings Ltd. | 113 | ||||||
|
| |||||||
South Africa — 1.7% | ||||||||
| — | (h) | Naspers Ltd., Class N | 89 | |||||
|
| |||||||
Spain — 1.6% | ||||||||
| 3 | Industria de Diseno Textil SA | 83 | ||||||
|
| |||||||
Switzerland — 3.4% | ||||||||
| 1 | LafargeHolcim Ltd. (Registered) (a) | 78 | ||||||
| 1 | Novartis AG (Registered) | 98 | ||||||
|
| |||||||
| 176 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Thailand — 2.0% | ||||||||
| 16 | Kasikornbank PCL | 103 | ||||||
|
| |||||||
United Kingdom — 6.2% | ||||||||
| 2 | British American Tobacco plc | 89 | ||||||
| 6 | GlaxoSmithKline plc | 118 | ||||||
| 39 | Vodafone Group plc | 113 | ||||||
|
| |||||||
| 320 | ||||||||
|
| |||||||
United States — 47.1% | ||||||||
| 1 | Activision Blizzard, Inc. | 83 | ||||||
| — | (h) | Alphabet, Inc., Class C (a) | 208 | |||||
| — | (h) | Amazon.com, Inc. (a) | 163 | |||||
| 1 | BioMarin Pharmaceutical, Inc. (a) | 79 | ||||||
| — | (h) | Broadcom, Inc. | 97 | |||||
| 2 | Citigroup, Inc. | 170 | ||||||
| 4 | Comcast Corp., Class A | 128 | ||||||
| 2 | DowDuPont, Inc. | 113 | ||||||
| 1 | EQT Corp. | 75 | ||||||
| — | (h) | Facebook, Inc., Class A (a) | 81 | |||||
| — | (h) | First Republic Bank | 42 | |||||
| 1 | Microsoft Corp. | 104 | ||||||
| 1 | Molson Coors Brewing Co., Class B | 58 | ||||||
| 2 | NIKE, Inc., Class B | 115 | ||||||
| 1 | Occidental Petroleum Corp. | 96 | ||||||
| 2 | Oracle Corp. | 104 | ||||||
| 1 | Pioneer Natural Resources Co. | 190 | ||||||
| 1 | Stanley Black & Decker, Inc. | 112 | ||||||
| 3 | Synchrony Financial | 99 | ||||||
| 2 | Twenty-First Century Fox, Inc., Class A | 88 | ||||||
| 1 | Union Pacific Corp. | 117 | ||||||
| — | (h) | UnitedHealth Group, Inc. | 113 | |||||
|
| |||||||
| 2,435 | ||||||||
|
| |||||||
Total Common Stocks | 5,055 | |||||||
|
| |||||||
Short-Term Investment — 1.1% | ||||||||
Investment Company — 1.1% | ||||||||
| 56 | JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) | 56 | ||||||
|
| |||||||
Total Investments — 99.0% | 5,111 | |||||||
Other Assets in Excess of | 53 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,164 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 45 | ||||||
Table of Contents
JPMorgan Global Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands)
Summary of Investments by Industry, April 30, 2018
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 16.4 | % | ||
Oil, Gas & Consumable Fuels | 8.9 | |||
Internet Software & Services | 7.5 | |||
Media | 6.0 | |||
Software | 5.7 | |||
Semiconductors & Semiconductor Equipment | 5.2 | |||
Internet & Direct Marketing Retail | 4.7 | |||
Chemicals | 4.6 | |||
Insurance | 4.4 | |||
Aerospace & Defense | 4.3 | |||
Pharmaceuticals | 4.2 | |||
Machinery | 4.1 | |||
Road & Rail | 2.3 | |||
Textiles, Apparel & Luxury Goods | 2.2 | |||
Health Care Providers & Services | 2.2 | |||
Wireless Telecommunication Services | 2.2 | |||
Electrical Equipment | 2.1 | |||
Consumer Finance | 1.9 | |||
Tobacco | 1.7 | |||
Specialty Retail | 1.6 | |||
Biotechnology | 1.6 | |||
Construction Materials | 1.5 | |||
Metals & Mining | 1.3 | |||
IT Services | 1.2 | |||
Beverages | 1.1 | |||
Short-Term Investment | 1.1 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| 46 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — 98.1% | ||||||||
Australia — 1.3% | ||||||||
| 1,710 | BHP Billiton Ltd. | 39,898 | ||||||
| 926 | BHP Billiton plc | 19,736 | ||||||
|
| |||||||
| 59,634 | ||||||||
|
| |||||||
Austria — 0.9% | ||||||||
| 237 | ams AG (a) | 19,587 | ||||||
| 432 | Erste Group Bank AG (a) | 21,129 | ||||||
|
| |||||||
| 40,716 | ||||||||
|
| |||||||
Brazil — 0.8% | ||||||||
| 2,375 | Itau Unibanco Holding SA, ADR | 34,513 | ||||||
|
| |||||||
China — 3.4% | ||||||||
| 132 | Baidu, Inc., ADR (a) | 33,172 | ||||||
| 8,928 | China Overseas Land & Investment Ltd. | 29,914 | ||||||
| 28,780 | CNOOC Ltd. | 48,688 | ||||||
| 4,329 | Ping An Insurance Group Co. of China Ltd., Class H | 42,300 | ||||||
|
| |||||||
| 154,074 | ||||||||
|
| |||||||
Denmark — 1.2% | ||||||||
| 1,197 | Novo Nordisk A/S, Class B | 56,303 | ||||||
|
| |||||||
France — 12.4% | ||||||||
| 935 | Accor SA | 52,856 | ||||||
| 1,432 | AXA SA | 40,955 | ||||||
| 1,024 | BNP Paribas SA | 79,052 | ||||||
| 251 | Essilor International Cie Generale d’Optique SA | 34,331 | ||||||
| 338 | Imerys SA | 30,883 | ||||||
| 159 | LVMH Moet Hennessy Louis Vuitton SE | 55,473 | ||||||
| 3,486 | Orange SA | 63,379 | ||||||
| 287 | Pernod Ricard SA | 47,685 | ||||||
| 571 | Safran SA | 66,926 | ||||||
| 395 | Sanofi | 31,218 | ||||||
| 668 | Schneider Electric SE (a) | 60,578 | ||||||
|
| |||||||
| 563,336 | ||||||||
|
| |||||||
Germany — 8.6% | ||||||||
| 304 | Allianz SE (Registered) | 71,838 | ||||||
| 496 | Bayer AG (Registered) | 59,234 | ||||||
| 263 | Continental AG | 70,073 | ||||||
| 416 | Fresenius Medical Care AG & Co. KGaA | 42,176 | ||||||
| 299 | Linde AG (a) | 66,272 | ||||||
| 717 | SAP SE | 79,670 | ||||||
|
| |||||||
| 389,263 | ||||||||
|
| |||||||
Hong Kong — 4.3% | ||||||||
| 10,679 | AIA Group Ltd. | 95,437 | ||||||
| 5,557 | CK Asset Holdings Ltd. | 47,969 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Hong Kong — continued | ||||||||
| 4,313 | CK Hutchison Holdings Ltd. | 51,001 | ||||||
|
| |||||||
| 194,407 | ||||||||
|
| |||||||
India — 1.2% | ||||||||
| 544 | HDFC Bank Ltd., ADR | 52,093 | ||||||
|
| |||||||
Indonesia — 0.5% | ||||||||
| 46,465 | Astra International Tbk. PT | 23,782 | ||||||
|
| |||||||
Italy — 1.1% | ||||||||
| 2,328 | UniCredit SpA | 50,476 | ||||||
|
| |||||||
Japan — 17.7% | ||||||||
| 955 | Asahi Group Holdings Ltd. | 48,309 | ||||||
| 488 | Daikin Industries Ltd. | 57,018 | ||||||
| 215 | FANUC Corp. | 45,969 | ||||||
| 2,042 | Honda Motor Co. Ltd. | 70,213 | ||||||
| 2,208 | Inpex Corp. | 28,224 | ||||||
| 74 | Keyence Corp. | 45,368 | ||||||
| 1,657 | Komatsu Ltd. | 56,495 | ||||||
| 3,535 | Kubota Corp. | 59,604 | ||||||
| 840 | Makita Corp. | 37,645 | ||||||
| 1,513 | Mitsui Fudosan Co. Ltd. | 38,761 | ||||||
| 324 | Nidec Corp. | 50,734 | ||||||
| 355 | Nitto Denko Corp. | 26,363 | ||||||
| 2,138 | Renesas Electronics Corp. (a) | 22,300 | ||||||
| 541 | Shin-Etsu Chemical Co. Ltd. | 54,279 | ||||||
| 113 | SMC Corp. | 43,053 | ||||||
| 1,851 | Sumitomo Mitsui Financial Group, Inc. | 77,130 | ||||||
| 218 | Tokyo Electron Ltd. | 41,925 | ||||||
|
| |||||||
| 803,390 | ||||||||
|
| |||||||
Macau — 0.7% | ||||||||
| 5,503 | Sands China Ltd. | 31,805 | ||||||
|
| |||||||
Netherlands — 6.0% | ||||||||
| 418 | ASML Holding NV | 79,554 | ||||||
| 3,961 | ING Groep NV | 66,739 | ||||||
| 3,674 | Royal Dutch Shell plc, Class A | 127,832 | ||||||
|
| |||||||
| 274,125 | ||||||||
|
| |||||||
Singapore — 1.6% | ||||||||
| 3,087 | DBS Group Holdings Ltd. | 71,219 | ||||||
|
| |||||||
South Africa — 0.7% | ||||||||
| 133 | Naspers Ltd., Class N | 32,490 | ||||||
|
| |||||||
South Korea — 2.4% | ||||||||
| 105 | Hyundai Mobis Co. Ltd. | 24,348 | ||||||
| 71 | Samsung Electronics Co. Ltd., Reg. S, GDR | 86,614 | ||||||
|
| |||||||
| 110,962 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 47 | ||||||
Table of Contents
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
Spain — 2.3% | ||||||||
| 8,813 | Banco Bilbao Vizcaya Argentaria SA | 71,318 | ||||||
| 1,043 | Industria de Diseno Textil SA | 32,346 | ||||||
|
| |||||||
| 103,664 | ||||||||
|
| |||||||
Sweden — 1.3% | ||||||||
| 1,498 | Atlas Copco AB, Class A | 58,595 | ||||||
|
| |||||||
Switzerland — 11.4% | ||||||||
| 2,228 | ABB Ltd. (Registered) | 51,946 | ||||||
| 661 | Cie Financiere Richemont SA (Registered) | 62,871 | ||||||
| 713 | Ferguson plc | 54,547 | ||||||
| 13,010 | Glencore plc (a) | 62,669 | ||||||
| 386 | LafargeHolcim Ltd. (Registered) (a) | 21,552 | ||||||
| 537 | LafargeHolcim Ltd. (Registered) (a) | 29,837 | ||||||
| 1,044 | Novartis AG (Registered) | 80,392 | ||||||
| 350 | Roche Holding AG | 77,837 | ||||||
| 4,486 | UBS Group AG (Registered) (a) | 75,296 | ||||||
|
| |||||||
| 516,947 | ||||||||
|
| |||||||
Taiwan — 0.8% | ||||||||
| 956 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 36,758 | ||||||
|
| |||||||
United Kingdom — 17.5% | ||||||||
| 7,582 | Aviva plc | 55,089 | ||||||
| 1,418 | British American Tobacco plc | 77,751 | ||||||
| 1,908 | Burberry Group plc | 47,920 | ||||||
| 2,263 | GlaxoSmithKline plc | 45,396 | ||||||
| 5,201 | Meggitt plc | 33,691 | ||||||
| 717 | Persimmon plc | 26,793 | ||||||
| 3,119 | Prudential plc | 80,200 | ||||||
| 2,354 | RELX NV | 50,086 | ||||||
| 744 | Rio Tinto Ltd. | 44,296 | ||||||
| 603 | Rio Tinto plc | 32,871 | ||||||
| 5,187 | Standard Chartered plc | 54,488 | ||||||
| 1,084 | TechnipFMC plc | 35,557 | ||||||
| 1,723 | Unilever plc | 96,667 | ||||||
| �� | 21,930 | Vodafone Group plc | 63,997 | |||||
| 2,995 | WPP plc | 51,388 | ||||||
|
| |||||||
| 796,190 | ||||||||
|
| |||||||
Total Common Stocks | 4,454,742 | |||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Short-Term Investment — 1.2% | ||||||||
Investment Company — 1.2% |
| |||||||
| 52,920 | JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, | 52,920 | ||||||
|
| |||||||
Total Investments — 99.3% | 4,507,662 | |||||||
Other Assets in Excess of | 30,690 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,538,352 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2018
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 12.8 | % | ||
Insurance | 8.6 | |||
Pharmaceuticals | 7.8 | |||
Machinery | 6.7 | |||
Oil, Gas & Consumable Fuels | 4.5 | |||
Semiconductors & Semiconductor Equipment | 4.4 | |||
Metals & Mining | 4.4 | |||
Textiles, Apparel & Luxury Goods | 3.7 | |||
Electrical Equipment | 3.6 | |||
Chemicals | 3.3 | |||
Real Estate Management & Development | 2.6 | |||
Aerospace & Defense | 2.2 | |||
Personal Products | 2.2 | |||
Beverages | 2.1 | |||
Auto Components | 2.1 | |||
Automobiles | 2.1 | |||
Technology Hardware, Storage & Peripherals | 1.9 | |||
Hotels, Restaurants & Leisure | 1.9 | |||
Media | 1.9 | |||
Construction Materials | 1.8 | |||
Software | 1.8 | |||
Tobacco | 1.7 | |||
Capital Markets | 1.7 | |||
Wireless Telecommunication Services | 1.4 | |||
Diversified Telecommunication Services | 1.4 | |||
Building Products | 1.3 | |||
Trading Companies & Distributors | 1.2 | |||
Industrial Conglomerates | 1.1 | |||
Professional Services | 1.1 | |||
Electronic Equipment, Instruments & Components | 1.0 | |||
Others (each less than 1.0%) | 4.5 | |||
Short-Term Investment | 1.2 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| 48 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
JPMorgan International Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — 98.1% | ||||||||
Australia — 3.7% |
| |||||||
| 137 | Australia & New Zealand Banking Group Ltd. | 2,749 | ||||||
| 126 | BHP Billiton plc | 2,687 | ||||||
| 215 | Transurban Group | 1,875 | ||||||
|
| |||||||
| 7,311 | ||||||||
|
| |||||||
Canada — 1.2% |
| |||||||
| 55 | TransCanada Corp. | 2,326 | ||||||
|
| |||||||
China — 2.1% |
| |||||||
| 1,522 | China Construction Bank Corp., Class H | 1,595 | ||||||
| 1,511 | CNOOC Ltd. | 2,556 | ||||||
|
| |||||||
| 4,151 | ||||||||
|
| |||||||
Finland — 1.8% |
| |||||||
| 39 | Konecranes OYJ | 1,588 | ||||||
| 56 | UPM-Kymmene OYJ | 1,999 | ||||||
|
| |||||||
| 3,587 | ||||||||
|
| |||||||
France — 18.3% |
| |||||||
| 27 | Airbus SE | 3,211 | ||||||
| 44 | BNP Paribas SA | 3,428 | ||||||
| 17 | Capgemini SE | 2,324 | ||||||
| 26 | Cie Generale des Etablissements Michelin SCA | 3,636 | ||||||
| 8 | LVMH Moet Hennessy Louis Vuitton SE | 2,945 | ||||||
| 137 | Orange SA | 2,488 | ||||||
| 26 | Publicis Groupe SA | 1,907 | ||||||
| 24 | Sanofi | 1,905 | ||||||
| 24 | Schneider Electric SE (a) | 2,153 | ||||||
| 65 | TOTAL SA | 4,081 | ||||||
| 18 | Unibail-Rodamco SE | 4,299 | ||||||
| 43 | Vinci SA | 4,324 | ||||||
|
| |||||||
| 36,701 | ||||||||
|
| |||||||
Germany — 6.0% |
| |||||||
| 18 | Allianz SE (Registered) | 4,213 | ||||||
| 41 | Daimler AG (Registered) | 3,202 | ||||||
| 14 | Deutsche Boerse AG | 1,942 | ||||||
| 103 | Deutsche Telekom AG (Registered) | 1,811 | ||||||
| 2 | Puma SE | 934 | ||||||
|
| |||||||
| 12,102 | ||||||||
|
| |||||||
Italy — 1.7% |
| |||||||
| 534 | Enel SpA | 3,390 | ||||||
|
| |||||||
Japan — 15.9% |
| |||||||
| 294 | Amada Holdings Co. Ltd. | 3,526 | ||||||
| 17 | Bandai Namco Holdings, Inc. | 565 | ||||||
| 72 | Bridgestone Corp. | 3,018 | ||||||
| 56 | Japan Airlines Co. Ltd. | 2,210 | ||||||
| 96 | JFE Holdings, Inc. | 1,966 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — continued |
| |||||||
| 138 | Mitsubishi Corp. | 3,814 | ||||||
| 56 | Mitsui & Co. Ltd. | 1,013 | ||||||
| 61 | NTT DOCOMO, Inc. | 1,576 | ||||||
| 80 | Sumitomo Mitsui Financial Group, Inc. | 3,317 | ||||||
| 39 | Sumitomo Mitsui Trust Holdings, Inc. | 1,645 | ||||||
| 69 | Tokio Marine Holdings, Inc. | 3,252 | ||||||
| 55 | Toyota Motor Corp. | 3,633 | ||||||
| 37 | Trend Micro, Inc. | 2,218 | ||||||
|
| |||||||
| 31,753 | ||||||||
|
| |||||||
Macau — 1.2% |
| |||||||
| 411 | Sands China Ltd. | 2,374 | ||||||
|
| |||||||
Netherlands — 7.4% |
| |||||||
| 10 | ASML Holding NV | 1,831 | ||||||
| 212 | ING Groep NV | 3,574 | ||||||
| 129 | Koninklijke Ahold Delhaize NV | 3,102 | ||||||
| 183 | Royal Dutch Shell plc, Class A | 6,379 | ||||||
|
| |||||||
| 14,886 | ||||||||
|
| |||||||
Norway — 1.8% |
| |||||||
| 324 | Norsk Hydro ASA | 2,025 | ||||||
| 68 | Telenor ASA | 1,501 | ||||||
|
| |||||||
| 3,526 | ||||||||
|
| |||||||
Singapore — 1.4% |
| |||||||
| 122 | DBS Group Holdings Ltd. | 2,815 | ||||||
|
| |||||||
South Korea — 1.1% |
| |||||||
| 1 | Samsung Electronics Co. Ltd. (bb) | 2,139 | ||||||
|
| |||||||
Spain — 3.7% |
| |||||||
| 508 | Banco Santander SA | 3,284 | ||||||
| 546 | Iberdrola SA | 4,216 | ||||||
|
| |||||||
| 7,500 | ||||||||
|
| |||||||
Sweden — 2.3% |
| |||||||
| 276 | Nordea Bank AB | 2,803 | ||||||
| 169 | Svenska Handelsbanken AB, Class A | 1,882 | ||||||
|
| |||||||
| 4,685 | ||||||||
|
| |||||||
Switzerland — 9.8% |
| |||||||
| 37 | Ferguson plc | 2,808 | ||||||
| 43 | LafargeHolcim Ltd. (Registered) (a) | 2,390 | ||||||
| 31 | Nestle SA (Registered) | 2,431 | ||||||
| 61 | Novartis AG (Registered) | 4,665 | ||||||
| 9 | Roche Holding AG | 2,056 | ||||||
| 34 | Swiss Re AG | 3,251 | ||||||
| 6 | Zurich Insurance Group AG (a) | 2,057 | ||||||
|
| |||||||
| 19,658 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 49 | ||||||
Table of Contents
JPMorgan International Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
Taiwan — 1.2% |
| |||||||
| 64 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2,453 | ||||||
|
| |||||||
United Kingdom — 17.5% |
| |||||||
| 44 | AstraZeneca plc | 3,101 | ||||||
| 336 | Aviva plc | 2,438 | ||||||
| 67 | British American Tobacco plc | 3,681 | ||||||
| 87 | Diageo plc | 3,096 | ||||||
| 147 | GlaxoSmithKline plc | 2,939 | ||||||
| 370 | HSBC Holdings plc | 3,682 | ||||||
| 31 | Persimmon plc | 1,150 | ||||||
| 73 | Prudential plc | 1,877 | ||||||
| 84 | Rio Tinto plc | 4,602 | ||||||
| 433 | Taylor Wimpey plc | 1,140 | ||||||
| 67 | Unilever NV, CVA | 3,846 | ||||||
| 1,166 | Vodafone Group plc | 3,402 | ||||||
|
| |||||||
| 34,954 | ||||||||
|
| |||||||
Total Common Stocks | 196,311 | |||||||
|
| |||||||
Short-Term Investment — 1.9% | ||||||||
Investment Company — 1.9% | ||||||||
| 3,844 | JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) | 3,844 | ||||||
|
| |||||||
Total Investments — 100.0% | 200,155 | |||||||
Liabilities in Excess of | (81 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 200,074 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2018
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 15.4 | % | ||
Insurance | 8.5 | |||
Oil, Gas & Consumable Fuels | 7.7 | |||
Pharmaceuticals | 7.3 | |||
Metals & Mining | 5.6 | |||
Trading Companies & Distributors | 3.8 | |||
Electric Utilities | 3.8 | |||
Automobiles | 3.4 | |||
Auto Components | 3.3 | |||
Diversified Telecommunication Services | 2.9 | |||
Machinery | 2.6 | |||
Wireless Telecommunication Services | 2.5 | |||
Construction & Engineering | 2.2 | |||
Equity Real Estate Investment Trusts (REITs) | 2.2 | |||
Semiconductors & Semiconductor Equipment | 2.1 | |||
Textiles, Apparel & Luxury Goods | 1.9 | |||
Personal Products | 1.9 | |||
Tobacco | 1.8 | |||
Aerospace & Defense | 1.6 | |||
Food & Staples Retailing | 1.6 | |||
Beverages | 1.5 | |||
Food Products | 1.2 | |||
Construction Materials | 1.2 | |||
Hotels, Restaurants & Leisure | 1.2 | |||
IT Services | 1.2 | |||
Household Durables | 1.1 | |||
Software | 1.1 | |||
Airlines | 1.1 | |||
Electrical Equipment | 1.1 | |||
Technology Hardware, Storage & Peripherals | 1.1 | |||
Paper & Forest Products | 1.0 | |||
Capital Markets | 1.0 | |||
Media | 1.0 | |||
Others (each less than 1.0%) | 1.2 | |||
Short-Term Investment | 1.9 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| 50 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — 95.8% | ||||||||
Australia — 4.7% |
| |||||||
| 2,719 | Australia & New Zealand Banking Group Ltd. | 54,658 | ||||||
| 2,889 | BHP Billiton Ltd. | 67,393 | ||||||
| 286 | Commonwealth Bank of Australia | 15,421 | ||||||
| 141 | CSL Ltd. | 18,043 | ||||||
| 3,550 | Dexus | 25,244 | ||||||
| 5,364 | Goodman Group | 36,497 | ||||||
| 182 | Macquarie Group Ltd. | 14,803 | ||||||
| 265 | National Australia Bank Ltd. | 5,768 | ||||||
| 812 | Wesfarmers Ltd. | 26,701 | ||||||
| 464 | Westpac Banking Corp. | 9,977 | ||||||
|
| |||||||
| 274,505 | ||||||||
|
| |||||||
Austria — 0.4% |
| |||||||
| 478 | Erste Group Bank AG (a) | 23,394 | ||||||
| 14 | Immofinanz AG (a) | 37 | ||||||
|
| |||||||
| 23,431 | ||||||||
|
| |||||||
Belgium — 1.0% |
| |||||||
| 601 | Anheuser-Busch InBev SA/NV | 59,734 | ||||||
|
| |||||||
China — 0.5% |
| |||||||
| 6,108 | BOC Hong Kong Holdings Ltd. | 31,576 | ||||||
|
| |||||||
Denmark — 0.8% |
| |||||||
| 228 | Chr Hansen Holding A/S | 20,675 | ||||||
| 579 | Novo Nordisk A/S, Class B | 27,235 | ||||||
|
| |||||||
| 47,910 | ||||||||
|
| |||||||
Finland — 1.5% |
| |||||||
| 369 | Cargotec OYJ, Class B | 18,798 | ||||||
| 5,230 | Nokia OYJ | 31,380 | ||||||
| 3,538 | Outokumpu OYJ | 22,897 | ||||||
| 643 | Wartsila OYJ Abp | 13,647 | ||||||
|
| |||||||
| 86,722 | ||||||||
|
| |||||||
France — 12.2% |
| |||||||
| 558 | Air Liquide SA | 72,529 | ||||||
| 487 | Airbus SE | 57,172 | ||||||
| 736 | Alstom SA | 33,527 | ||||||
| 2,103 | AXA SA | 60,147 | ||||||
| 972 | BNP Paribas SA | 75,072 | ||||||
| 236 | Capgemini SE | 32,426 | ||||||
| 335 | Pernod Ricard SA | 55,714 | ||||||
| 456 | Renault SA | 49,427 | ||||||
| 717 | Sanofi | 56,663 | ||||||
| 667 | Schneider Electric SE (a) | 60,500 | ||||||
| 388 | Sodexo SA | 38,439 | ||||||
| 1,390 | TOTAL SA | 87,380 | ||||||
| 114 | Vinci SA | 11,366 | ||||||
| 819 | Vivendi SA | 21,605 | ||||||
|
| |||||||
| 711,967 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Germany — 9.6% |
| |||||||
| 117 | adidas AG | 28,757 | ||||||
| 40 | Allianz SE (Registered) | 9,468 | ||||||
| 202 | BASF SE | 21,015 | ||||||
| 552 | Bayer AG (Registered) | 65,945 | ||||||
| 593 | Brenntag AG | 33,946 | ||||||
| 827 | Daimler AG (Registered) | 65,046 | ||||||
| 705 | Deutsche Bank AG (Registered) | 9,644 | ||||||
| 266 | Deutsche Boerse AG | 35,724 | ||||||
| 1,096 | Deutsche Post AG (Registered) | 47,555 | ||||||
| 2,175 | Deutsche Telekom AG (Registered) | 38,068 | ||||||
| 118 | HeidelbergCement AG | 11,567 | ||||||
| 339 | Henkel AG & Co. KGaA (Preference) | 43,142 | ||||||
| 1,086 | Infineon Technologies AG | 27,802 | ||||||
| 64 | Linde AG (a) | 14,133 | ||||||
| 709 | SAP SE | 78,754 | ||||||
| 255 | Siemens AG (Registered) | 32,439 | ||||||
|
| |||||||
| 563,005 | ||||||||
|
| |||||||
Hong Kong — 2.1% |
| |||||||
| 6,284 | AIA Group Ltd. | 56,165 | ||||||
| 2,900 | CK Asset Holdings Ltd. | 25,037 | ||||||
| 3,399 | CK Hutchison Holdings Ltd. | 40,195 | ||||||
| 254 | I-CABLE Communications Ltd. (a) | 5 | ||||||
|
| |||||||
| 121,402 | ||||||||
|
| |||||||
Ireland — 0.6% |
| |||||||
| 329 | Ryanair Holdings plc, ADR (a) | 36,147 | ||||||
|
| |||||||
Israel — 0.2% |
| |||||||
| 657 | Teva Pharmaceutical Industries Ltd., ADR | 11,816 | ||||||
|
| |||||||
Italy — 2.7% |
| |||||||
| 1,953 | Assicurazioni Generali SpA | 39,405 | ||||||
| 10,495 | Enel SpA | 66,575 | ||||||
| 24,023 | Telecom Italia SpA (a) | 23,698 | ||||||
| 1,339 | UniCredit SpA | 29,024 | ||||||
|
| |||||||
| 158,702 | ||||||||
|
| |||||||
Japan — 23.9% |
| |||||||
| 419 | Asahi Group Holdings Ltd. | 21,201 | ||||||
| 1,127 | Bridgestone Corp. | 47,120 | ||||||
| 136 | Central Japan Railway Co. | 27,312 | ||||||
| 2,257 | Daicel Corp. | 26,036 | ||||||
| 442 | Daikin Industries Ltd. | 51,667 | ||||||
| 1,335 | DMG Mori Co. Ltd. | 24,938 | ||||||
| 316 | Electric Power Development Co. Ltd. | 8,591 | ||||||
| 2,150 | Hitachi Ltd. | 15,692 | ||||||
| 1,611 | Honda Motor Co. Ltd. | 55,382 | ||||||
| 846 | Japan Airlines Co. Ltd. | 33,379 | ||||||
| 1,100 | Japan Tobacco, Inc. | 29,564 | ||||||
| 579 | Kao Corp. | 41,586 | ||||||
| 602 | KDDI Corp. | 16,157 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 51 | ||||||
Table of Contents
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
Japan — continued |
| |||||||
| 26 | Keyence Corp. | 15,793 | ||||||
| 691 | Kyowa Hakko Kirin Co. Ltd. | 14,956 | ||||||
| 897 | Kyushu Electric Power Co., Inc. | 11,109 | ||||||
| 869 | Mabuchi Motor Co. Ltd. | 43,639 | ||||||
| 2,087 | Marui Group Co. Ltd. | 43,317 | ||||||
| 1,996 | Mitsubishi Corp. | 55,035 | ||||||
| 10,130 | Mitsubishi UFJ Financial Group, Inc. | 67,881 | ||||||
| 1,335 | NGK Spark Plug Co. Ltd. | 34,235 | ||||||
| 43 | Nintendo Co. Ltd. | 17,858 | ||||||
| 715 | Nippon Telegraph & Telephone Corp. | 33,916 | ||||||
| 544 | Nomura Research Institute Ltd. | 28,024 | ||||||
| 586 | Olympus Corp. | 21,863 | ||||||
| 492 | Otsuka Corp. | 22,775 | ||||||
| 831 | Otsuka Holdings Co. Ltd. | 43,421 | ||||||
| 2,578 | Panasonic Corp. | 38,168 | ||||||
| 4,454 | Renesas Electronics Corp. (a) | 46,463 | ||||||
| 1,137 | Seven & i Holdings Co. Ltd. | 50,097 | ||||||
| 382 | Sony Corp. | 17,827 | ||||||
| 1,779 | Sumitomo Electric Industries Ltd. | 27,235 | ||||||
| 1,226 | Sumitomo Mitsui Financial Group, Inc. | 51,085 | ||||||
| 2,115 | T&D Holdings, Inc. | 35,918 | ||||||
| 769 | Tokio Marine Holdings, Inc. | 36,309 | ||||||
| 544 | Tokyo Gas Co. Ltd. | 14,590 | ||||||
| 2,226 | Tokyu Corp. | 37,358 | ||||||
| 3,863 | Toray Industries, Inc. | 36,057 | ||||||
| 1,379 | Toyota Motor Corp. | 90,438 | ||||||
| 442 | West Japan Railway Co. | 31,227 | ||||||
| 1,208 | Yamato Holdings Co. Ltd. | 31,048 | ||||||
|
| |||||||
| 1,396,267 | ||||||||
|
| |||||||
Luxembourg — 0.5% |
| |||||||
| 903 | ArcelorMittal | 30,607 | ||||||
|
| |||||||
Malta — 0.0% (g) |
| |||||||
| 449 | BGP Holdings Beneficial (a) (bb) | — | (h) | |||||
|
| |||||||
Netherlands — 6.2% |
| |||||||
| 377 | Akzo Nobel NV | 34,178 | ||||||
| 227 | ASML Holding NV | 43,127 | ||||||
| 286 | Heineken NV | 30,115 | ||||||
| 3,799 | ING Groep NV | 64,021 | ||||||
| 814 | Koninklijke Philips NV | 34,435 | ||||||
| 1,833 | Royal Dutch Shell plc, Class A | 63,773 | ||||||
| 2,530 | Royal Dutch Shell plc, Class B | 90,317 | ||||||
|
| |||||||
| 359,966 | ||||||||
|
| |||||||
Singapore — 1.3% |
| |||||||
| 1,585 | DBS Group Holdings Ltd. | 36,572 | ||||||
| 1,598 | United Overseas Bank Ltd. | 36,186 | ||||||
|
| |||||||
| 72,758 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Spain — 3.4% |
| |||||||
| 4,809 | Banco Santander SA | 31,069 | ||||||
| 6,897 | Bankia SA | 30,259 | ||||||
| 8,630 | Iberdrola SA | 66,675 | ||||||
| 1,584 | Industria de Diseno Textil SA | 49,089 | ||||||
| 2,317 | Telefonica SA | 23,615 | ||||||
|
| |||||||
| 200,707 | ||||||||
|
| |||||||
Sweden — 0.6% |
| |||||||
| 3,116 | Svenska Handelsbanken AB, Class A | 34,747 | ||||||
|
| |||||||
Switzerland — 8.6% |
| |||||||
| 377 | Cie Financiere Richemont SA (Registered) | 35,843 | ||||||
| 1,702 | Credit Suisse Group AG (Registered) (a) | 28,704 | ||||||
| 633 | Ferguson plc | 48,458 | ||||||
| 100 | LafargeHolcim Ltd. (Registered) (a) | 5,557 | ||||||
| 728 | LafargeHolcim Ltd. (Registered) (a) | 40,468 | ||||||
| 1,419 | Nestle SA (Registered) | 109,943 | ||||||
| 751 | Novartis AG (Registered) | 57,817 | ||||||
| 396 | Roche Holding AG | 88,042 | ||||||
| 376 | Swiss Re AG | 35,831 | ||||||
| 1,947 | UBS Group AG (Registered) (a) | 32,684 | ||||||
| 50 | Zurich Insurance Group AG (a) | 15,918 | ||||||
|
| |||||||
| 499,265 | ||||||||
|
| |||||||
United Kingdom — 14.1% |
| |||||||
| 2,493 | 3i Group plc | 32,186 | ||||||
| 234 | AstraZeneca plc | 16,383 | ||||||
| 4,812 | Aviva plc | 34,960 | ||||||
| 1,999 | Barratt Developments plc | 15,332 | ||||||
| 7,558 | BP plc | 56,142 | ||||||
| 1,564 | British American Tobacco plc | 85,801 | ||||||
| 1,155 | Burberry Group plc | 29,015 | ||||||
| 171 | Diageo plc | 6,084 | ||||||
| 3,668 | Dixons Carphone plc | 10,229 | ||||||
| 2,703 | GlaxoSmithKline plc | 54,211 | ||||||
| 6,518 | HSBC Holdings plc | 64,895 | ||||||
| 474 | InterContinental Hotels Group plc | 29,902 | ||||||
| 12,036 | ITV plc | 25,040 | ||||||
| 31,325 | Lloyds Banking Group plc | 27,784 | ||||||
| 2,485 | Prudential plc | 63,896 | ||||||
| 855 | Rio Tinto Ltd. | 50,899 | ||||||
| 204 | Rio Tinto plc | 11,134 | ||||||
| 4,561 | Standard Chartered plc | 47,905 | ||||||
| 7,812 | Taylor Wimpey plc | 20,573 | ||||||
| 371 | TechnipFMC plc | 12,159 | ||||||
| 604 | Unilever NV, CVA | 34,613 | ||||||
| 26,707 | Vodafone Group plc | 77,937 | ||||||
| 220 | Whitbread plc | 12,931 | ||||||
|
| |||||||
| 820,011 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 52 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stock — continued | ||||||||
United States — 0.9% |
| |||||||
| 938 | Shire plc | 49,974 | ||||||
|
| |||||||
Total Common Stocks | 5,591,219 | |||||||
|
| |||||||
| PRINCIPAL AMOUNT($) | ||||||||
Corporate Bond — 0.0% (g) | ||||||||
Materials — 0.0% (g) | ||||||||
Metals & Mining — 0.0% (g) | ||||||||
| BRL | 11 | Vale SA, Series A6, 0.00%, (d) (x) (y) (aa) (bb) (Cost $—) | — | (h) | ||||
|
| |||||||
| SHARES | ||||||||
Short-Term Investment — 3.6% | ||||||||
Investment Company — 3.6% |
| |||||||
| 211,220 | JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, | 211,220 | ||||||
|
| |||||||
Total Investments — 99.4% | 5,802,439 | |||||||
Other Assets in Excess of | 34,126 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,836,565 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2018
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 12.7 | % | ||
Pharmaceuticals | 7.5 | |||
Insurance | 6.7 | |||
Oil, Gas & Consumable Fuels | 5.1 | |||
Automobiles | 4.5 | |||
Chemicals | 3.9 | |||
Metals & Mining | 3.1 | |||
Beverages | 3.0 | |||
Capital Markets | 2.6 | |||
Electric Utilities | 2.5 | |||
Trading Companies & Distributors | 2.4 | |||
Diversified Telecommunication Services | 2.1 | |||
Semiconductors & Semiconductor Equipment | 2.0 | |||
Tobacco | 2.0 | |||
Food Products | 1.9 | |||
Auto Components | 1.9 | |||
Electrical Equipment | 1.8 | |||
Software | 1.7 | |||
Road & Rail | 1.6 | |||
Wireless Telecommunication Services | 1.6 | |||
Textiles, Apparel & Luxury Goods | 1.6 | |||
Household Durables | 1.6 | |||
Machinery | 1.6 | |||
IT Services | 1.4 | |||
Hotels, Restaurants & Leisure | 1.4 | |||
Air Freight & Logistics | 1.4 | |||
Food & Staples Retailing | 1.3 | |||
Personal Products | 1.3 | |||
Industrial Conglomerates | 1.2 | |||
Airlines | 1.2 | |||
Biotechnology | 1.2 | |||
Equity Real Estate Investment Trusts (REITs) | 1.1 | |||
Specialty Retail | 1.0 | |||
Construction Materials | 1.0 | |||
Aerospace & Defense | 1.0 | |||
Health Care Equipment & Supplies | 1.0 | |||
Others (each less than 1.0%) | 5.5 | |||
Short-Term Investment | 3.6 | |||
| Futures contracts outstanding as of April 30, 2018: | ||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED (DEPRECIATION) ($) | |||||||||||||
Long Contracts | ||||||||||||||||||
| EURO STOXX 50 Index | 2,004 | 06/2018 | EUR | 83,831 | 3,885 | |||||||||||||
| FTSE 100 Index | 532 | 06/2018 | GBP | 54,541 | 3,028 | |||||||||||||
| TOPIX Index | 397 | 06/2018 | JPY | 64,379 | 2,439 | |||||||||||||
|
| |||||||||||||||||
| 9,352 | ||||||||||||||||||
|
| |||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 53 | ||||||
Table of Contents
JPMorgan International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stocks — 96.3% | ||||||||
Australia — 2.6% | ||||||||
| 675 | BHP Billiton plc | 14,401 | ||||||
|
| |||||||
Austria — 2.9% |
| |||||||
| 77 | ams AG (a) | 6,332 | ||||||
| 208 | Erste Group Bank AG (a) | 10,180 | ||||||
|
| |||||||
| 16,512 | ||||||||
|
| |||||||
Brazil — 2.5% |
| |||||||
| 968 | Itau Unibanco Holding SA (Preference) | 14,052 | ||||||
|
| |||||||
Canada — 2.7% |
| |||||||
| 192 | Alimentation Couche-Tard, Inc., Class B | 8,291 | ||||||
| 90 | Canadian National Railway Co. | 6,945 | ||||||
|
| |||||||
| 15,236 | ||||||||
|
| |||||||
China — 8.9% |
| |||||||
| 3,094 | China Overseas Land & Investment Ltd. | 10,367 | ||||||
| 7,713 | CNOOC Ltd. | 13,048 | ||||||
| 614 | CNOOC Ltd. | 1,027 | ||||||
| 235 | JD.com, Inc., ADR (a) | 8,596 | ||||||
| 1,761 | Ping An Insurance Group Co. of China Ltd., Class H | 17,203 | ||||||
|
| |||||||
| 50,241 | ||||||||
|
| |||||||
Denmark — 1.0% |
| |||||||
| 124 | Novo Nordisk A/S, Class B | 5,823 | ||||||
|
| |||||||
Finland — 1.4% |
| |||||||
| 382 | Wartsila OYJ Abp | 8,104 | ||||||
|
| |||||||
France — 3.9% |
| |||||||
| 200 | Accor SA | 11,329 | ||||||
| 90 | Safran SA | 10,563 | ||||||
|
| |||||||
| 21,892 | ||||||||
|
| |||||||
Germany — 9.9% |
| |||||||
| 98 | Bayer AG (Registered) | 11,735 | ||||||
| 52 | Continental AG | 13,813 | ||||||
| 183 | Delivery Hero AG, Reg. S (a) (e) | 8,708 | ||||||
| 72 | Linde AG (a) | 15,957 | ||||||
| 109 | Zalando SE, Reg. S (a) (e) | 5,611 | ||||||
|
| |||||||
| 55,824 | ||||||||
|
| |||||||
Hong Kong — 5.9% |
| |||||||
| 1,935 | AIA Group Ltd. | 17,297 | ||||||
| 1,888 | CK Asset Holdings Ltd. | 16,295 | ||||||
|
| |||||||
| 33,592 | ||||||||
|
| |||||||
India — 3.2% |
| |||||||
| 186 | HDFC Bank Ltd., ADR | 17,801 | ||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Indonesia — 2.2% |
| |||||||
| 7,945 | Bank Central Asia Tbk. PT | 12,563 | ||||||
|
| |||||||
Japan — 8.6% |
| |||||||
| 36 | FANUC Corp. | 7,626 | ||||||
| 344 | Komatsu Ltd. | 11,737 | ||||||
| 395 | Kubota Corp. | 6,658 | ||||||
| 626 | ORIX Corp. | 10,971 | ||||||
| 115 | Shin-Etsu Chemical Co. Ltd. | 11,530 | ||||||
|
| |||||||
| 48,522 | ||||||||
|
| |||||||
Netherlands — 8.9% |
| |||||||
| 50 | ASML Holding NV | 9,593 | ||||||
| 800 | ING Groep NV | 13,478 | ||||||
| 189 | NN Group NV | 9,069 | ||||||
| 523 | Royal Dutch Shell plc, Class A | 18,310 | ||||||
|
| |||||||
| 50,450 | ||||||||
|
| |||||||
South Africa — 2.1% |
| |||||||
| 50 | Naspers Ltd., Class N | 12,119 | ||||||
|
| |||||||
South Korea — 4.8% |
| |||||||
| 69 | Hyundai Motor Co. | 10,237 | ||||||
| 6 | Samsung Electronics Co. Ltd., Reg. S, GDR | 7,228 | ||||||
| 8 | Samsung Electronics Co. Ltd., Reg. S, GDR | 9,681 | ||||||
|
| |||||||
| 27,146 | ||||||||
|
| |||||||
Spain — 2.0% |
| |||||||
| 1,395 | Banco Bilbao Vizcaya Argentaria SA | 11,288 | ||||||
|
| |||||||
Switzerland — 9.6% |
| |||||||
| 108 | Cie Financiere Richemont SA (Registered) | 10,264 | ||||||
| 149 | Ferguson plc | 11,404 | ||||||
| 2,578 | Glencore plc (a) | 12,416 | ||||||
| 195 | LafargeHolcim Ltd. (Registered) (a) | 10,816 | ||||||
| 555 | UBS Group AG (Registered) (a) | 9,311 | ||||||
|
| |||||||
| 54,211 | ||||||||
|
| |||||||
United Kingdom — 13.2% |
| |||||||
| 2,041 | Aviva plc | 14,826 | ||||||
| 238 | British American Tobacco plc | 13,052 | ||||||
| 414 | RELX NV | 8,810 | ||||||
| 496 | Smith & Nephew plc | 9,492 | ||||||
| 276 | Unilever NV, CVA | 15,821 | ||||||
| 730 | WPP plc | 12,525 | ||||||
|
| |||||||
| 74,526 | ||||||||
|
| |||||||
Total Common Stocks | 544,303 | |||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 54 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Short-Term Investment — 3.2% | ||||||||
Investment Company — 3.2% |
| |||||||
| 18,009 | JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, | 18,009 | ||||||
|
| |||||||
Total Investments — 99.5% | 562,312 | |||||||
Other Assets in Excess of | 3,104 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 565,416 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2018
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 14.1 | % | ||
Insurance | 10.4 | |||
Machinery | 6.1 | |||
Oil, Gas & Consumable Fuels | 5.8 | |||
Chemicals | 4.9 | |||
Metals & Mining | 4.8 | |||
Real Estate Management & Development | 4.7 | |||
Media | 4.4 | |||
Pharmaceuticals | 3.1 | |||
Technology Hardware, Storage & Peripherals | 3.0 | |||
Semiconductors & Semiconductor Equipment | 2.8 | |||
Personal Products | 2.8 | |||
Internet & Direct Marketing Retail | 2.5 | |||
Auto Components | 2.5 | |||
Tobacco | 2.3 | |||
Trading Companies & Distributors | 2.0 | |||
Hotels, Restaurants & Leisure | 2.0 | |||
Diversified Financial Services | 2.0 | |||
Construction Materials | 1.9 | |||
Aerospace & Defense | 1.9 | |||
Textiles, Apparel & Luxury Goods | 1.8 | |||
Automobiles | 1.8 | |||
Health Care Equipment & Supplies | 1.7 | |||
Capital Markets | 1.7 | |||
Professional Services | 1.6 | |||
Internet Software & Services | 1.5 | |||
Food & Staples Retailing | 1.5 | |||
Road & Rail | 1.2 | |||
Short-Term Investment | 3.2 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 55 | ||||||
Table of Contents
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stocks — 98.9% | ||||||||
Australia — 3.1% | ||||||||
| 815 | Australia & New Zealand Banking Group Ltd. | 16,392 | ||||||
| 1,109 | Goodman Group | 7,543 | ||||||
|
| |||||||
| 23,935 | ||||||||
|
| |||||||
Austria — 1.3% |
| |||||||
| 203 | Erste Group Bank AG (a) | 9,940 | ||||||
|
| |||||||
Belgium — 2.1% |
| |||||||
| 103 | Anheuser-Busch InBev SA/NV | 10,278 | ||||||
| 63 | KBC Group NV | 5,443 | ||||||
|
| |||||||
| 15,721 | ||||||||
|
| |||||||
Canada — 1.3% |
| |||||||
| 228 | TransCanada Corp. | 9,669 | ||||||
|
| |||||||
China — 0.6% |
| |||||||
| 2,536 | CNOOC Ltd. | 4,290 | ||||||
|
| |||||||
Finland — 0.9% |
| |||||||
| 1,029 | Outokumpu OYJ | 6,661 | ||||||
|
| |||||||
France — 15.3% |
| |||||||
| 105 | Air Liquide SA | 13,611 | ||||||
| 79 | Airbus SE | 9,250 | ||||||
| 582 | AXA SA | 16,633 | ||||||
| 223 | BNP Paribas SA | 17,197 | ||||||
| 110 | Renault SA | 11,927 | ||||||
| 127 | Sanofi | 10,019 | ||||||
| 139 | Schneider Electric SE (a) | 12,608 | ||||||
| 393 | TOTAL SA | 24,700 | ||||||
|
| |||||||
| 115,945 | ||||||||
|
| |||||||
Germany — 7.1% |
| |||||||
| 28 | BASF SE | 2,956 | ||||||
| 51 | Bayer AG (Registered) | 6,108 | ||||||
| 105 | Brenntag AG | 6,012 | ||||||
| 161 | Daimler AG (Registered) | 12,631 | ||||||
| 52 | Deutsche Boerse AG | 6,942 | ||||||
| 32 | HeidelbergCement AG | 3,098 | ||||||
| 175 | Infineon Technologies AG | 4,482 | ||||||
| 92 | Siemens AG (Registered) | 11,624 | ||||||
|
| |||||||
| 53,853 | ||||||||
|
| |||||||
Ireland — 0.9% |
| |||||||
| 61 | Ryanair Holdings plc, ADR (a) | 6,743 | ||||||
|
| |||||||
Israel — 0.2% |
| |||||||
| 98 | Teva Pharmaceutical Industries Ltd., ADR | 1,763 | ||||||
|
| |||||||
Italy — 3.9% |
| |||||||
| 2,467 | Enel SpA | 15,647 | ||||||
| 2,178 | Intesa Sanpaolo SpA | 8,285 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Italy — continued |
| |||||||
| 5,733 | Telecom Italia SpA (a) | 5,655 | ||||||
|
| |||||||
| 29,587 | ||||||||
|
| |||||||
Japan — 24.4% |
| |||||||
| 260 | Bridgestone Corp. | 10,877 | ||||||
| 76 | Daikin Industries Ltd. | 8,901 | ||||||
| 276 | DMG Mori Co. Ltd. | 5,157 | ||||||
| 496 | Honda Motor Co. Ltd. | 17,066 | ||||||
| 159 | Japan Airlines Co. Ltd. | 6,267 | ||||||
| 317 | Japan Tobacco, Inc. | 8,513 | ||||||
| 131 | Mabuchi Motor Co. Ltd. | 6,566 | ||||||
| 233 | Marui Group Co. Ltd. | 4,828 | ||||||
| 433 | Mitsubishi Corp. | 11,949 | ||||||
| 2,809 | Mitsubishi UFJ Financial Group, Inc. | 18,822 | ||||||
| 236 | Mitsui Fudosan Co. Ltd. | 6,038 | ||||||
| 310 | NGK Spark Plug Co. Ltd. | 7,953 | ||||||
| 284 | Nippon Telegraph & Telephone Corp. | 13,477 | ||||||
| 137 | Otsuka Corp. | 6,330 | ||||||
| 323 | Panasonic Corp. | 4,784 | ||||||
| 200 | Renesas Electronics Corp. (a) | 2,088 | ||||||
| 327 | Sumitomo Electric Industries Ltd. | 4,998 | ||||||
| 160 | Sumitomo Mitsui Financial Group, Inc. | 6,685 | ||||||
| 266 | Sumitomo Mitsui Trust Holdings, Inc. | 11,289 | ||||||
| 354 | T&D Holdings, Inc. | 6,006 | ||||||
| 338 | Tokyu Corp. | 5,669 | ||||||
| 68 | Toyota Motor Corp. | 4,479 | ||||||
| 238 | Yamato Holdings Co. Ltd. | 6,124 | ||||||
|
| |||||||
| 184,866 | ||||||||
|
| |||||||
Luxembourg — 0.9% |
| |||||||
| 199 | ArcelorMittal | 6,742 | ||||||
|
| |||||||
Netherlands — 8.5% |
| |||||||
| 62 | Akzo Nobel NV | 5,634 | ||||||
| 795 | ING Groep NV | 13,398 | ||||||
| 153 | NN Group NV | 7,320 | ||||||
| 1,088 | Royal Dutch Shell plc, Class A | 37,855 | ||||||
|
| |||||||
| 64,207 | ||||||||
|
| |||||||
Norway — 0.4% |
| |||||||
| 553 | Norsk Hydro ASA | 3,453 | ||||||
|
| |||||||
Singapore — 1.5% |
| |||||||
| 490 | DBS Group Holdings Ltd. | 11,305 | ||||||
|
| |||||||
South Korea — 0.7% |
| |||||||
| 2 | Samsung Electronics Co. Ltd. (bb) | 5,161 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 56 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stocks — continued | ||||||||
Spain — 3.3% |
| |||||||
| 367 | Banco Santander SA | 2,371 | ||||||
| 1,802 | Bankia SA | 7,909 | ||||||
| 1,913 | Iberdrola SA | 14,780 | ||||||
|
| |||||||
| 25,060 | ||||||||
|
| |||||||
Sweden — 1.0% |
| |||||||
| 677 | Svenska Handelsbanken AB, Class A | 7,546 | ||||||
|
| |||||||
Switzerland — 8.1% |
| |||||||
| 515 | Credit Suisse Group AG (Registered) (a) | 8,685 | ||||||
| 78 | Ferguson plc | 6,003 | ||||||
| 148 | LafargeHolcim Ltd. (Registered) (a) | 8,201 | ||||||
| 129 | Novartis AG (Registered) | 9,917 | ||||||
| 31 | Roche Holding AG | 6,792 | ||||||
| 87 | Swiss Re AG | 8,333 | ||||||
| 124 | UBS Group AG (Registered) (a) | 2,075 | ||||||
| 35 | Zurich Insurance Group AG (a) | 11,059 | ||||||
|
| |||||||
| 61,065 | ||||||||
|
| |||||||
United Kingdom — 12.4% |
| |||||||
| 683 | Barratt Developments plc | 5,238 | ||||||
| 221 | GlaxoSmithKline plc | 4,431 | ||||||
| 1,355 | HSBC Holdings plc | 13,486 | ||||||
| 62 | InterContinental Hotels Group plc | 3,893 | ||||||
| 3,158 | ITV plc | 6,570 | ||||||
| 2,480 | Lloyds Banking Group plc | 2,199 | ||||||
| 529 | Prudential plc | 13,594 | ||||||
| 224 | Rio Tinto plc | 12,190 | ||||||
| 1,063 | Standard Chartered plc | 11,166 | ||||||
| 178 | TechnipFMC plc | 5,829 | ||||||
| 5,290 | Vodafone Group plc | 15,439 | ||||||
|
| |||||||
| 94,035 | ||||||||
|
| |||||||
United States — 1.0% |
| |||||||
| 138 | Shire plc | 7,324 | ||||||
|
| |||||||
Total Common Stocks | 748,871 | |||||||
|
| |||||||
Total Investments — 98.9% | 748,871 | |||||||
Other Assets in Excess of | 8,558 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 757,429 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2018
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 21.8 | % | ||
Oil, Gas & Consumable Fuels | 10.2 | |||
Insurance | 8.4 | |||
Automobiles | 6.2 | |||
Pharmaceuticals | 5.2 | |||
Electric Utilities | 4.1 | |||
Metals & Mining | 3.9 | |||
Trading Companies & Distributors | 3.2 | |||
Auto Components | 3.2 | |||
Chemicals | 3.0 | |||
Electrical Equipment | 2.6 | |||
Diversified Telecommunication Services | 2.5 | |||
Capital Markets | 2.4 | |||
Wireless Telecommunication Services | 2.1 | |||
Airlines | 1.7 | |||
Industrial Conglomerates | 1.5 | |||
Construction Materials | 1.5 | |||
Beverages | 1.4 | |||
Household Durables | 1.3 | |||
Aerospace & Defense | 1.2 | |||
Building Products | 1.2 | |||
Tobacco | 1.1 | |||
Equity Real Estate Investment Trusts (REITs) | 1.0 | |||
Biotechnology | 1.0 | |||
Others (each less than 1.0%) | 8.3 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 57 | ||||||
Table of Contents
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands)
| Forward foreign currency exchange contracts outstanding as of April 30, 2018: | ||||||||||||||||||||||
| CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) ($) | ||||||||||||||||||
| JPY | 412,671 | USD | 3,779 | Australia & New Zealand Banking Group Ltd. | 5/25/2018 | 1 | ||||||||||||||||
| USD | 7,967 | CAD | 10,186 | HSBC Bank, N.A. | 5/25/2018 | 30 | ||||||||||||||||
| USD | 4,763 | CHF | 4,642 | Deutsche Bank AG | 5/25/2018 | 69 | ||||||||||||||||
| USD | 59,555 | EUR | 48,598 | Citibank, NA | 5/25/2018 | 766 | ||||||||||||||||
| USD | 3,538 | GBP | 2,536 | Merrill Lynch International | 5/25/2018 | 44 | ||||||||||||||||
| USD | 1,586 | JPY | 171,416 | Barclays Bank plc | 5/25/2018 | 16 | ||||||||||||||||
| USD | 4,308 | JPY | 462,670 | Deutsche Bank AG | 5/25/2018 | 69 | ||||||||||||||||
| Total unrealized appreciation | 995 | |||||||||||||||||||||
| AUD | 32,320 | USD | 24,911 | Australia & New Zealand Banking Group Ltd. | 5/25/2018 | (578 | ) | |||||||||||||||
| CHF | 1,530 | USD | 1,562 | Union Bank of Switzerland AG | 5/25/2018 | (15 | ) | |||||||||||||||
| DKK | 40,063 | USD | 6,593 | Standard Chartered Bank | 5/25/2018 | (88 | ) | |||||||||||||||
| EUR | 5,681 | USD | 6,950 | State Street Corp. | 5/25/2018 | (78 | ) | |||||||||||||||
| GBP | 10,043 | USD | 14,038 | Barclays Bank plc | 5/25/2018 | (197 | ) | |||||||||||||||
| GBP | 2,229 | USD | 3,116 | Morgan Stanley | 5/25/2018 | (44 | ) | |||||||||||||||
| HKD | 156,052 | USD | 19,902 | Credit Suisse International | 5/25/2018 | (6 | ) | |||||||||||||||
| NOK | 16,261 | USD | 2,068 | HSBC Bank, N.A. | 5/25/2018 | (40 | ) | |||||||||||||||
| SEK | 33,112 | USD | 3,913 | Standard Chartered Bank | 5/25/2018 | (125 | ) | |||||||||||||||
| SGD | 1,976 | USD | 1,494 | Credit Suisse International | 5/25/2018 | (3 | ) | |||||||||||||||
| USD | 2,807 | SGD | 3,721 | HSBC Bank, N.A. | 5/25/2018 | — | (h) | |||||||||||||||
| Total unrealized depreciation | (1,174 | ) | ||||||||||||||||||||
Net unrealized depreciation | (179 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 58 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
JPMorgan Intrepid International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stocks — 97.6% | ||||||||
Australia — 6.9% |
| |||||||
| 1,410 | Aristocrat Leisure Ltd. | 28,293 | ||||||
| 2,106 | BlueScope Steel Ltd. | 25,883 | ||||||
| 700 | carsales.com Ltd. | 7,518 | ||||||
| 352 | CIMIC Group Ltd. | 11,970 | ||||||
| 1,348 | Computershare Ltd. | 17,149 | ||||||
| 1,126 | CSR Ltd. | 4,752 | ||||||
| 2,190 | Fortescue Metals Group Ltd. | 7,431 | ||||||
| 456 | Macquarie Group Ltd. | 37,115 | ||||||
| 3,184 | Metcash Ltd. | 8,594 | ||||||
| 272 | Monadelphous Group Ltd. | 3,293 | ||||||
| 2,958 | Nine Entertainment Co. Holdings Ltd. | 5,238 | ||||||
| 1,402 | Northern Star Resources Ltd. | 6,693 | ||||||
| 5,455 | Qantas Airways Ltd. | 23,593 | ||||||
| 1,969 | Regis Resources Ltd. | 6,948 | ||||||
| 11,898 | South32 Ltd. | 33,018 | ||||||
| 1,789 | St Barbara Ltd. | 5,707 | ||||||
| 4,940 | Whitehaven Coal Ltd. | 17,035 | ||||||
|
| |||||||
| 250,230 | ||||||||
|
| |||||||
Austria — 1.2% |
| |||||||
| 258 | Erste Group Bank AG (a) | 12,606 | ||||||
| 511 | OMV AG | 31,679 | ||||||
|
| |||||||
| 44,285 | ||||||||
|
| |||||||
Belgium — 1.5% |
| |||||||
| 284 | bpost SA | 6,240 | ||||||
| 400 | KBC Group NV | 34,758 | ||||||
| 177 | UCB SA | 13,293 | ||||||
|
| |||||||
| 54,291 | ||||||||
|
| |||||||
China — 0.8% |
| |||||||
| 5,516 | BOC Hong Kong Holdings Ltd. | 28,513 | ||||||
|
| |||||||
Denmark — 3.3% |
| |||||||
| 794 | Danske Bank A/S | 27,630 | ||||||
| 124 | Dfds A/S | 7,740 | ||||||
| 198 | Jyske Bank A/S (Registered) | 11,870 | ||||||
| 983 | Novo Nordisk A/S, Class B | 46,218 | ||||||
| 168 | Royal Unibrew A/S | 11,103 | ||||||
| 263 | Sydbank A/S | 9,712 | ||||||
| 140 | Topdanmark A/S | 6,580 | ||||||
|
| |||||||
| 120,853 | ||||||||
|
| |||||||
Finland — 2.3% |
| |||||||
| 398 | Neste OYJ | 33,507 | ||||||
| 269 | Sampo OYJ, Class A | 14,565 | ||||||
| 1,024 | UPM-Kymmene OYJ | 36,529 | ||||||
|
| |||||||
| 84,601 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
France — 6.6% |
| |||||||
| 107 | Arkema SA | 13,978 | ||||||
| 190 | BNP Paribas SA | 14,662 | ||||||
| 269 | Capgemini SE | 37,068 | ||||||
| 209 | Cie Generale des Etablissements Michelin SCA | 29,334 | ||||||
| 212 | Eiffage SA | 25,223 | ||||||
| 103 | Eurazeo SA | 9,008 | ||||||
| 379 | Faurecia SA | 30,932 | ||||||
| 1,572 | Natixis SA | 12,910 | ||||||
| 155 | Pernod Ricard SA | 25,725 | ||||||
| 76 | Sanofi | 5,996 | ||||||
| 40 | Sopra Steria Group | 8,550 | ||||||
| 76 | TOTAL SA | 4,784 | ||||||
| 225 | Vinci SA | 22,487 | ||||||
|
| |||||||
| 240,657 | ||||||||
|
| |||||||
Germany — 7.5% |
| |||||||
| 238 | Allianz SE (Registered) | 56,314 | ||||||
| 1,003 | Aroundtown SA | 8,026 | ||||||
| 202 | Aurubis AG | 18,047 | ||||||
| 78 | CANCOM SE | 9,176 | ||||||
| 334 | Covestro AG, Reg. S (e) | 30,334 | ||||||
| 750 | Deutsche Lufthansa AG (Registered) | 21,813 | ||||||
| 494 | Deutsche Post AG (Registered) | 21,420 | ||||||
| 191 | Jenoptik AG | 6,921 | ||||||
| 155 | Rheinmetall AG | 20,210 | ||||||
| 145 | Siltronic AG | 23,259 | ||||||
| 150 | Software AG | 7,381 | ||||||
| 1,355 | TUI AG | 30,651 | ||||||
| 637 | Uniper SE | 19,691 | ||||||
|
| |||||||
| 273,243 | ||||||||
|
| |||||||
Hong Kong — 1.7% |
| |||||||
| 2,756 | CK Asset Holdings Ltd. | 23,793 | ||||||
| 234 | Hang Seng Bank Ltd. | 5,922 | ||||||
| 883 | Kerry Properties Ltd. | 4,219 | ||||||
| 13,942 | WH Group Ltd., Reg. S (e) | 14,433 | ||||||
| 10,208 | Xinyi Glass Holdings Ltd. (a) | 14,675 | ||||||
|
| |||||||
| 63,042 | ||||||||
|
| |||||||
Italy — 1.1% |
| |||||||
| 5,644 | Enel SpA | 35,802 | ||||||
| 258 | ERG SpA | 6,190 | ||||||
|
| |||||||
| 41,992 | ||||||||
|
| |||||||
Japan — 23.3% |
| |||||||
| 133 | Aisin Seiki Co. Ltd. | 7,221 | ||||||
| 86 | Azbil Corp. | 4,021 | ||||||
| 426 | Bridgestone Corp. | 17,825 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 59 | ||||||
Table of Contents
JPMorgan Intrepid International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stocks — continued | ||||||||
Japan — continued |
| |||||||
| 672 | Brother Industries Ltd. | 14,421 | ||||||
| 132 | Canon Marketing Japan, Inc. | 2,871 | ||||||
| 116 | Central Japan Railway Co. | 23,245 | ||||||
| 72 | FCC Co. Ltd. | 2,039 | ||||||
| 1,943 | Fuji Electric Co. Ltd. | 13,858 | ||||||
| 461 | FUJIFILM Holdings Corp. | 18,548 | ||||||
| 644 | Haseko Corp. | 10,122 | ||||||
| 3,407 | Hitachi Ltd. | 24,866 | ||||||
| 1,232 | ITOCHU Corp. | 24,634 | ||||||
| 1,838 | Kajima Corp. | 17,707 | ||||||
| 981 | Kansai Electric Power Co., Inc. (The) | 13,731 | ||||||
| 505 | KDDI Corp. | 13,559 | ||||||
| 162 | KH Neochem Co. Ltd. | 4,884 | ||||||
| 869 | Kirin Holdings Co. Ltd. | 24,378 | ||||||
| 195 | Koito Manufacturing Co. Ltd. | 13,017 | ||||||
| 811 | K’s Holdings Corp. | 11,691 | ||||||
| 194 | Kurita Water Industries Ltd. | 6,269 | ||||||
| 782 | Leopalace21 Corp. | 6,784 | ||||||
| 65 | Mandom Corp. | 2,336 | ||||||
| 2,411 | Marubeni Corp. | 18,109 | ||||||
| 93 | Meitec Corp. | 5,116 | ||||||
| 1,274 | Mitsubishi Chemical Holdings Corp. | 12,051 | ||||||
| 659 | Mitsubishi Corp. | 18,178 | ||||||
| 903 | Mitsubishi Electric Corp. | 13,848 | ||||||
| 346 | Mitsubishi Gas Chemical Co., Inc. | 8,104 | ||||||
| 4,201 | Mitsubishi UFJ Financial Group, Inc. | 28,150 | ||||||
| 880 | Mitsubishi UFJ Lease & Finance Co. Ltd. | 5,595 | ||||||
| 1,142 | Mitsui & Co. Ltd. | 20,579 | ||||||
| 514 | Mitsui Chemicals, Inc. | 14,732 | ||||||
| 258 | Nichias Corp. | 3,268 | ||||||
| 172 | Nihon Unisys Ltd. | 3,578 | ||||||
| 1,068 | Nippon Light Metal Holdings Co. Ltd. | 2,855 | ||||||
| 361 | Nippon Telegraph & Telephone Corp. | 17,122 | ||||||
| 384 | Nomura Real Estate Holdings, Inc. | 9,495 | ||||||
| 919 | NTT DOCOMO, Inc. | 23,741 | ||||||
| 1,520 | Obayashi Corp. | 17,500 | ||||||
| 1,752 | Oji Holdings Corp. | 12,325 | ||||||
| 181 | Open House Co. Ltd. | 10,054 | ||||||
| 1,048 | ORIX Corp. | 18,372 | ||||||
| 1,412 | Penta-Ocean Construction Co. Ltd. | 11,125 | ||||||
| 101 | Sankyu, Inc. | 4,918 | ||||||
| 187 | SCREEN Holdings Co. Ltd. | 15,312 | ||||||
| 1,462 | Shimizu Corp. | 14,463 | ||||||
| 819 | Showa Shell Sekiyu KK | 11,565 | ||||||
| 386 | Sompo Holdings, Inc. | 16,158 | ||||||
| 578 | Sony Corp. | 27,010 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — continued |
| |||||||
| 520 | Sumitomo Bakelite Co. Ltd. | 4,690 | ||||||
| 1,150 | Sumitomo Corp. | 20,641 | ||||||
| 485 | Sumitomo Mitsui Financial Group, Inc. | 20,193 | ||||||
| 374 | Taisei Corp. | 20,192 | ||||||
| 176 | Takasago Thermal Engineering Co. Ltd. | 3,327 | ||||||
| 492 | Tokai Tokyo Financial Holdings, Inc. | 3,562 | ||||||
| 110 | Tokyo Electron Ltd. | 21,203 | ||||||
| 137 | Tokyo Seimitsu Co. Ltd. | 5,211 | ||||||
| 1,055 | Tokyu Fudosan Holdings Corp. | 8,305 | ||||||
| 255 | Toyota Boshoku Corp. | 5,362 | ||||||
| 860 | Toyota Motor Corp. | 56,359 | ||||||
| 201 | TS Tech Co. Ltd. | 8,149 | ||||||
| 247 | Ulvac, Inc. | 13,186 | ||||||
| 553 | Yamaha Motor Co. Ltd. | 17,695 | ||||||
|
| |||||||
| 849,425 | ||||||||
|
| |||||||
Luxembourg — 0.9% |
| |||||||
| 934 | ArcelorMittal | 31,640 | ||||||
|
| |||||||
Netherlands — 8.2% |
| |||||||
| 1,029 | ABN AMRO Group NV, Reg. S, CVA (e) | 31,916 | ||||||
| 632 | ASR Nederland NV | 29,822 | ||||||
| 211 | BE Semiconductor Industries NV | 14,562 | ||||||
| 206 | Euronext NV, Reg. S (e) | 14,732 | ||||||
| 242 | EXOR NV | 17,961 | ||||||
| 2,138 | ING Groep NV | 36,023 | ||||||
| 1,481 | Koninklijke Ahold Delhaize NV | 35,717 | ||||||
| 689 | Philips Lighting NV, Reg. S (e) | 20,964 | ||||||
| 1,962 | Royal Dutch Shell plc, Class B | 70,024 | ||||||
| 503 | Wolters Kluwer NV | 27,206 | ||||||
|
| |||||||
| 298,927 | ||||||||
|
| |||||||
Norway — 1.6% |
| |||||||
| 752 | DNB ASA | 14,070 | ||||||
| 121 | Kongsberg Gruppen ASA (a) | 2,964 | ||||||
| 193 | Salmar ASA | 8,975 | ||||||
| 1,432 | Telenor ASA | 31,693 | ||||||
|
| |||||||
| 57,702 | ||||||||
|
| |||||||
Portugal — 0.3% |
| |||||||
| 589 | Galp Energia SGPS SA | 11,314 | ||||||
|
| |||||||
Singapore — 2.7% |
| |||||||
| 1,942 | DBS Group Holdings Ltd. | 44,797 | ||||||
| 4,044 | Oversea-Chinese Banking Corp. Ltd. | 41,765 | ||||||
| 746 | Venture Corp. Ltd. | 11,673 | ||||||
|
| |||||||
| 98,235 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 60 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Common Stocks — continued | ||||||||
Spain — 1.8% |
| |||||||
| 315 | ACS Actividades de Construccion y Servicios SA | 13,270 | ||||||
| 113 | Aena SME SA, Reg. S (e) | 23,348 | ||||||
| 246 | Amadeus IT Group SA | 17,913 | ||||||
| 623 | Repsol SA | 11,897 | ||||||
|
| |||||||
| 66,428 | ||||||||
|
| |||||||
Sweden — 3.6% |
| |||||||
| 836 | Electrolux AB, Series B | 22,006 | ||||||
| 981 | Fabege AB | 11,290 | ||||||
| 257 | Hemfosa Fastigheter AB | 3,179 | ||||||
| 1,794 | Sandvik AB | 30,581 | ||||||
| 470 | Swedbank AB, Class A | 10,201 | ||||||
| 618 | Swedish Match AB | 27,738 | ||||||
| 1,477 | Volvo AB, Class B | 25,038 | ||||||
|
| |||||||
| 130,033 | ||||||||
|
| |||||||
Switzerland — 9.0% |
| |||||||
| 338 | Adecco Group AG (Registered) | 22,388 | ||||||
| 155 | Baloise Holding AG (Registered) | 24,640 | ||||||
| 8 | Barry Callebaut AG (Registered) | 15,071 | ||||||
| 16 | Bucher Industries AG (Registered) | 6,009 | ||||||
| 11 | Georg Fischer AG (Registered) | 13,700 | ||||||
| 157 | Julius Baer Group Ltd. (a) | 9,303 | ||||||
| 415 | Nestle SA (Registered) | 32,131 | ||||||
| 874 | Novartis AG (Registered) | 67,244 | ||||||
| 98 | Oriflame Holding AG | 4,659 | ||||||
| 39 | Partners Group Holding AG | 28,243 | ||||||
| 260 | Roche Holding AG | 57,784 | ||||||
| 4 | Sika AG | 26,921 | ||||||
| 607 | STMicroelectronics NV | 13,261 | ||||||
| 94 | Sunrise Communications Group AG, Reg. S (a) (e) | 7,343 | ||||||
|
| |||||||
| 328,697 | ||||||||
|
| |||||||
United Kingdom — 13.3% |
| |||||||
| 1,857 | 3i Group plc | 23,969 | ||||||
| 3,224 | Barratt Developments plc | 24,724 | ||||||
| 200 | Bellway plc | 9,123 | ||||||
| 288 | Berkeley Group Holdings plc | 16,142 | ||||||
| 401 | Bovis Homes Group plc | 6,823 | ||||||
| 379 | BP plc | 2,812 | ||||||
| 83 | British American Tobacco plc | 4,573 | ||||||
| 180 | Computacenter plc | 3,130 | ||||||
| 186 | Diageo plc | 6,619 | ||||||
| 1,147 | Fiat Chrysler Automobiles NV (a) | 25,487 | ||||||
| 518 | GlaxoSmithKline plc | 10,389 | ||||||
| 1,897 | HSBC Holdings plc | 18,888 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United Kingdom — continued |
| |||||||
| 992 | Ibstock plc, Reg. S (e) | 4,054 | ||||||
| 1,307 | Indivior plc (a) | 8,092 | ||||||
| 3,214 | International Consolidated Airlines Group SA | 27,779 | ||||||
| 154 | J D Wetherspoon plc | 2,471 | ||||||
| 9,082 | Legal & General Group plc | 33,637 | ||||||
| 39,800 | Lloyds Banking Group plc | 35,301 | ||||||
| 247 | Next plc | 17,830 | ||||||
| 896 | Persimmon plc | 33,457 | ||||||
| 607 | Prudential plc | 15,606 | ||||||
| 3,059 | Redrow plc | 26,358 | ||||||
| 932 | Rio Tinto plc | 50,772 | ||||||
| 422 | Savills plc | 5,688 | ||||||
| 264 | Schroders plc | 11,948 | ||||||
| 11,342 | Tesco plc | 36,737 | ||||||
| 3,356 | Thomas Cook Group plc | 5,699 | ||||||
| 270 | Unilever NV, CVA | 15,463 | ||||||
|
| |||||||
| 483,571 | ||||||||
|
| |||||||
Total Common Stocks | 3,557,679 | |||||||
|
| |||||||
Short-Term Investment — 1.7% | ||||||||
Investment Company — 1.7% |
| |||||||
| 62,726 | JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, | 62,726 | ||||||
|
| |||||||
Total Investments — 99.3% | 3,620,405 | |||||||
Other Assets in Excess of | 25,863 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,646,268 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 61 | ||||||
Table of Contents
JPMorgan Intrepid International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands, except number of Futures contracts)
Summary of Investments by Industry, April 30, 2018
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 11.8 | % | ||
Pharmaceuticals | 5.8 | |||
Insurance | 5.4 | |||
Oil, Gas & Consumable Fuels | 5.4 | |||
Metals & Mining | 5.2 | |||
Household Durables | 4.9 | |||
Construction & Engineering | 4.3 | |||
Capital Markets | 3.9 | |||
Auto Components | 3.6 | |||
Chemicals | 3.2 | |||
Semiconductors & Semiconductor Equipment | 2.9 | |||
Trading Companies & Distributors | 2.8 | |||
Automobiles | 2.7 | |||
IT Services | 2.7 | |||
Real Estate Management & Development | 2.5 | |||
Machinery | 2.3 | |||
| INDUSTRY | PERCENTAGE | |||
Food & Staples Retailing | 2.2 | % | ||
Airlines | 2.0 | |||
Food Products | 2.0 | |||
Beverages | 1.9 | |||
Hotels, Restaurants & Leisure | 1.9 | |||
Diversified Telecommunication Services | 1.6 | |||
Professional Services | 1.5 | |||
Diversified Financial Services | 1.4 | |||
Electric Utilities | 1.4 | |||
Paper & Forest Products | 1.3 | |||
Electrical Equipment | 1.3 | |||
Electronic Equipment, Instruments & Components | 1.3 | |||
Wireless Telecommunication Services | 1.0 | |||
Others (each less than 1.0%) | 8.1 | |||
Short-Term Investment | 1.7 | |||
| Futures contracts outstanding as of April 30, 2018: | ||||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
| EURO STOXX 50 Index | 343 | 06/2018 | EUR | 14,348 | 647 | |||||||||||||||
| FTSE 100 Index | 109 | 06/2018 | GBP | 11,175 | 775 | |||||||||||||||
| TOPIX Index | 64 | 06/2018 | JPY | 10,379 | 451 | |||||||||||||||
|
| |||||||||||||||||||
| 1,873 | ||||||||||||||||||||
|
| |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 62 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
J.P. Morgan International Equity Funds
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2018 (Unaudited)
| ADR | — American Depositary Receipt | |
| AUD | — Australian Dollar | |
| BRL | — Brazilian Real | |
| CAD | — Canadian Dollar | |
| CDI | — CHESS Depository Interest | |
| CHF | — Swiss Franc | |
| CVA | — Dutch Certification | |
| DKK | — Danish Krone | |
| EUR | — Euro | |
| FTSE | — Financial Times and the London Stock Exchange | |
| GBP | — British Pound | |
| GDR | — Global Depositary Receipt | |
| HKD | — Hong Kong Dollar | |
| JPY | — Japanese Yen | |
| MSCI | — Morgan Stanley Capital International | |
| NOK | — Norwegian Krone | |
| NVDR | — Non-Voting Depositary Receipt | |
| Reg. S | — Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. | |
| REIT | — Real Estate Investment Trust | |
| SEK | — Swedish Krona | |
| SGD | — Singapore Dollar | |
| TOPIX | — Tokyo Stock Price Index | |
| USD | — United States Dollar |
| (a) | — Non-income producing security. | |
| (b) | — Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (d) | — Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. | |
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |
| (g) | — Amount rounds to less than 0.05%. | |
| (h) | — Amount rounds to less than 500. | |
| (l) | — The rate shown is the current yield as of April 30, 2018. | |
| (x) | — Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of April 30, 2018. | |
| (y) | — Security is an interest bearing note with preferred security characteristics. | |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2018. | |
| (bb) | — Security has been valued using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 63 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2018 (Unaudited)
(Amounts in thousands, except per share amounts)
| JPMorgan Emerging Economies Fund | JPMorgan Emerging Markets Equity Fund | JPMorgan Global Research Enhanced Index Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in non-affiliates, at value | $ | 2,014,369 | $ | 4,981,105 | $ | 8,149,753 | ||||||
Investments in affiliates, at value | 69,885 | 112,528 | 173,270 | |||||||||
Cash | 4,422 | 927 | 479 | |||||||||
Foreign currency, at value | 22,379 | 2,967 | 5,403 | |||||||||
Deposits at broker for futures contracts | — | — | 5,165 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 23,556 | — | 8,698 | |||||||||
Fund shares sold | 366 | 14,482 | 5,300 | |||||||||
Dividends from non-affiliates | 1,717 | 3,388 | 15,801 | |||||||||
Dividends from affiliates | 73 | 182 | 192 | |||||||||
Tax reclaims | 11 | 5 | 8,225 | |||||||||
Other assets | — | 84 | 29 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 2,136,778 | 5,115,668 | 8,372,315 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 49,487 | 15,907 | 50,572 | |||||||||
Fund shares redeemed | 113 | 2,848 | 2,603 | |||||||||
Variation margin on futures contracts | — | — | 326 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 1,047 | 3,015 | 1,129 | |||||||||
Administration fees | — | — | 410 | |||||||||
Distribution fees | 35 | 142 | — | |||||||||
Service fees | 36 | 277 | 33 | |||||||||
Custodian and accounting fees | 324 | 553 | 78 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | (a) | — | (a) | ||||||
Deferred foreign capital gains tax | 845 | 4,279 | — | |||||||||
Audit fees | 51 | 54 | 48 | |||||||||
Printing and mailing cost | 25 | 104 | 36 | |||||||||
Other | 24 | 68 | 23 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 51,987 | 27,247 | 55,258 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,084,791 | $ | 5,088,421 | $ | 8,317,057 | ||||||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than 500. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 64 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| JPMorgan Emerging Economies Fund | JPMorgan Emerging Markets Equity Fund | JPMorgan Global Research Enhanced Index Fund | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 1,736,750 | $ | 3,799,111 | $ | 6,410,341 | ||||||
Accumulated undistributed (distributions in excess of) net investment income | 5,413 | 3,706 | 42,191 | |||||||||
Accumulated net realized gains (losses) | 902 | (74,615 | ) | 182,770 | ||||||||
Net unrealized appreciation (depreciation) | 341,726 | 1,360,219 | 1,681,755 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 2,084,791 | $ | 5,088,421 | $ | 8,317,057 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Class A | $ | 159,665 | $ | 507,374 | $ | — | ||||||
Class C | 2,857 | 58,183 | — | |||||||||
Class I | 64,309 | 888,178 | 470,695 | |||||||||
Class L | — | 541,498 | — | |||||||||
Class R2 | — | 45 | — | |||||||||
Class R3 | — | 389 | — | |||||||||
Class R4 | — | 21 | — | |||||||||
Class R5 | 353 | 2,343 | — | |||||||||
Class R6 | 1,857,607 | 3,090,390 | 7,846,362 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 2,084,791 | $ | 5,088,421 | $ | 8,317,057 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 10,878 | 17,911 | — | |||||||||
Class C | 196 | 2,116 | — | |||||||||
Class I | 4,325 | 30,617 | 20,873 | |||||||||
Class L | — | 18,535 | — | |||||||||
Class R2 | — | 1 | — | |||||||||
Class R3 | — | 14 | — | |||||||||
Class R4 | — | 1 | — | |||||||||
Class R5 | 24 | 80 | — | |||||||||
Class R6 | 125,584 | 105,955 | 351,600 | |||||||||
Net Asset Value (a): | ||||||||||||
Class A — Redemption price per share | $ | 14.68 | $ | 28.33 | $ | — | ||||||
Class C — Offering price per share (b) | 14.58 | 27.49 | — | |||||||||
Class I — Offering and redemption price per share | 14.87 | 29.01 | 22.55 | |||||||||
Class L — Offering and redemption price per share | — | 29.22 | — | |||||||||
Class R2 — Offering and redemption price per share | — | 28.23 | — | |||||||||
Class R3 — Offering and redemption price per share | — | 28.26 | — | |||||||||
Class R4 — Offering and redemption price per share | — | 28.98 | — | |||||||||
Class R5 — Offering and redemption price per share | 15.01 | 29.18 | — | |||||||||
Class R6 — Offering and redemption price per share | 14.79 | 29.17 | 22.32 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 15.49 | $ | 29.90 | $ | — | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 1,671,547 | $ | 3,616,481 | $ | 6,466,044 | ||||||
Cost of investments in affiliates | 69,885 | 112,528 | 173,270 | |||||||||
Cost of foreign currency | 22,311 | 2,924 | 5,449 | |||||||||
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 65 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan Global Unconstrained Equity Fund | JPMorgan International Equity Fund | JPMorgan International Equity Income Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in non-affiliates, at value | $ | 5,055 | $ | 4,454,742 | $ | 196,311 | ||||||
Investments in affiliates, at value | 56 | 52,920 | 3,844 | |||||||||
Cash | 48 | 548 | 20 | |||||||||
Foreign currency, at value | 2 | 410 | 346 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 116 | 20,175 | 3,170 | |||||||||
Fund shares sold | 12 | 845 | 236 | |||||||||
Dividends from non-affiliates | 4 | 17,908 | 829 | |||||||||
Dividends from affiliates | — | (a) | 94 | 5 | ||||||||
Tax reclaims | 15 | 7,866 | 475 | |||||||||
Due from adviser | 7 | — | — | |||||||||
Other assets | 28 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 5,343 | 4,555,508 | 205,236 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 108 | 14,221 | 4,788 | |||||||||
Fund shares redeemed | 1 | 782 | 175 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | — | 1,749 | 60 | |||||||||
Distribution fees | 1 | 73 | 27 | |||||||||
Service fees | 1 | 80 | 28 | |||||||||
Custodian and accounting fees | 16 | 122 | 23 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | — | (a) | |||||||
Audit fees | 43 | 49 | 48 | |||||||||
Printing and mailing cost | 6 | 70 | — | (a) | ||||||||
Other | 3 | 10 | 13 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 179 | 17,156 | 5,162 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 5,164 | $ | 4,538,352 | $ | 200,074 | ||||||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than 500. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 66 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| JPMorgan Global Unconstrained Equity Fund | JPMorgan International Equity Fund | JPMorgan International Equity Income Fund | ||||||||||
NET ASSETS: | ||||||||||||
Paid-in-Capital | $ | 4,927 | $ | 3,543,983 | $ | 178,933 | ||||||
Accumulated undistributed (distributions in excess of) net investment income | (6 | ) | 24,538 | (720 | ) | |||||||
Accumulated net realized gains (losses) | 90 | 72,952 | 7,643 | |||||||||
Net unrealized appreciation (depreciation) | 153 | 896,879 | 14,218 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 5,164 | $ | 4,538,352 | $ | 200,074 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 1,760 | $ | 271,112 | $ | 85,864 | ||||||
Class C | 571 | 23,757 | 14,612 | |||||||||
Class I | 2,662 | 190,224 | 84,406 | |||||||||
Class R2 | 21 | 2,158 | 291 | |||||||||
Class R5 | 21 | 22,549 | 178 | |||||||||
Class R6 | 129 | 4,028,552 | 14,723 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 5,164 | $ | 4,538,352 | $ | 200,074 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 105 | 15,088 | 5,108 | |||||||||
Class C | 34 | 1,398 | 876 | |||||||||
Class I | 157 | 10,426 | 5,007 | |||||||||
Class R2 | 1 | 121 | 17 | |||||||||
Class R5 | 1 | 1,234 | 11 | |||||||||
Class R6 | 8 | 220,381 | 873 | |||||||||
Net Asset Value (a): | ||||||||||||
Class A — Redemption price per share | $ | 16.80 | $ | 17.97 | $ | 16.81 | ||||||
Class C — Offering price per share (b) | 16.58 | 17.00 | 16.69 | |||||||||
Class I — Offering and redemption price per share | 16.95 | 18.25 | 16.86 | |||||||||
Class R2 — Offering and redemption price per share | 16.94 | 17.85 | 16.78 | |||||||||
Class R5 — Offering and redemption price per share | 16.90 | 18.28 | 16.87 | |||||||||
Class R6 — Offering and redemption price per share | 16.89 | 18.28 | 16.86 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 17.73 | $ | 18.97 | $ | 17.74 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 4,902 | $ | 3,557,730 | $ | 182,093 | ||||||
Cost of investments in affiliates | 56 | 52,920 | 3,844 | |||||||||
Cost of foreign currency | 2 | 413 | 347 | |||||||||
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 67 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan International Research Enhanced Equity Fund | JPMorgan International Unconstrained Equity Fund | JPMorgan International Value Fund | JPMorgan Intrepid International Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in non-affiliates, at value | $ | 5,591,219 | $ | 544,303 | $ | 748,871 | $ | 3,557,679 | ||||||||
Investments in affiliates, at value | 211,220 | 18,009 | — | 62,726 | ||||||||||||
Cash | 50 | 186 | 69 | 48 | ||||||||||||
Foreign currency, at value | 8,926 | 179 | 410 | 2,619 | ||||||||||||
Deposits at broker for futures contracts | 11,079 | — | — | 1,979 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 3,775 | — | ||||||||||||
Fund shares sold | 3,105 | 1,430 | 774 | 145 | ||||||||||||
Dividends from non-affiliates | 21,369 | 2,141 | 2,943 | 15,751 | ||||||||||||
Dividends from affiliates | 259 | 12 | 3 | 98 | ||||||||||||
Tax reclaims | 7,471 | 166 | 3,049 | 7,078 | ||||||||||||
Variation margin on futures contracts | 2,157 | — | — | 398 | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | — | — | 995 | — | ||||||||||||
Other assets | — | 75 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 5,856,855 | 566,501 | 760,889 | 3,648,521 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | — | 1 | 5 | ||||||||||||
Fund shares redeemed | 19,125 | 689 | 1,192 | 344 | ||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | — | — | 1,174 | — | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | 715 | 214 | 313 | 1,499 | ||||||||||||
Administration fees | 246 | — | 8 | 57 | ||||||||||||
Distribution fees | 55 | 37 | 78 | 59 | ||||||||||||
Service fees | 33 | 60 | 92 | 43 | ||||||||||||
Custodian and accounting fees | 16 | 17 | 43 | 140 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 4 | 3 | — | (a) | 1 | |||||||||||
Audit fees | 80 | 52 | 37 | 62 | ||||||||||||
Printing and mailing cost | 6 | — | 303 | 27 | ||||||||||||
Other | 10 | 13 | 219 | 16 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 20,290 | 1,085 | 3,460 | 2,253 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 5,836,565 | $ | 565,416 | $ | 757,429 | $ | 3,646,268 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than 500. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 68 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| JPMorgan International Research Enhanced Equity Fund | JPMorgan International Unconstrained Equity Fund | JPMorgan International Value Fund | JPMorgan Intrepid International Fund | |||||||||||||
NET ASSETS: |
| |||||||||||||||
Paid-in-Capital | $ | 5,416,589 | $ | 532,105 | $ | 735,503 | $ | 3,233,432 | ||||||||
Accumulated undistributed (distributions in excess of) net investment income | 48,930 | 2,110 | 4,850 | 29,277 | ||||||||||||
Accumulated net realized gains (losses) | 32,713 | (4,751 | ) | (68,044 | ) | 26,864 | ||||||||||
Net unrealized appreciation (depreciation) | 338,333 | 35,952 | 85,120 | 356,695 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 5,836,565 | $ | 565,416 | $ | 757,429 | $ | 3,646,268 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: |
| |||||||||||||||
Class A | $ | 254,716 | $ | 98,563 | $ | 319,588 | $ | 192,179 | ||||||||
Class C | — | 28,055 | 18,860 | 2,062 | ||||||||||||
Class I | 151,836 | 260,396 | 149,553 | 57,550 | ||||||||||||
Class L | — | — | 145,751 | — | ||||||||||||
Class R2 | — | 742 | 1,295 | 37,300 | ||||||||||||
Class R5 | — | 4,203 | 70 | — | ||||||||||||
Class R6 | 5,430,013 | 173,457 | 122,312 | 3,357,177 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 5,836,565 | $ | 565,416 | $ | 757,429 | $ | 3,646,268 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||||||||||||||||
Class A | 13,479 | 4,665 | 22,228 | 8,683 | ||||||||||||
Class C | — | 1,344 | 1,354 | 92 | ||||||||||||
Class I | 7,942 | 12,178 | 10,157 | 2,501 | ||||||||||||
Class L | — | — | 9,948 | — | ||||||||||||
Class R2 | — | 35 | 91 | 1,708 | ||||||||||||
Class R5 | — | 197 | 5 | — | ||||||||||||
Class R6 | 284,842 | 8,113 | 8,370 | 148,165 | ||||||||||||
Net Asset Value (a): | ||||||||||||||||
Class A — Redemption price per share | $ | 18.90 | $ | 21.13 | $ | 14.38 | $ | 22.13 | ||||||||
Class C — Offering price per share (b) | — | 20.87 | 13.93 | 22.42 | ||||||||||||
Class I — Offering and redemption price per share | 19.12 | 21.38 | 14.72 | 23.02 | ||||||||||||
Class L — Offering and redemption price per share | — | — | 14.65 | — | ||||||||||||
Class R2 — Offering and redemption price per share | — | 21.04 | 14.12 | 21.84 | ||||||||||||
Class R5 — Offering and redemption price per share | — | 21.37 | 14.59 | — | ||||||||||||
Class R6 — Offering and redemption price per share | 19.06 | 21.38 | 14.61 | 22.66 | ||||||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||
Class A maximum public offering price per share | $ | 19.95 | $ | 22.30 | $ | 15.18 | $ | 23.36 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments in non-affiliates | $ | 5,261,949 | $ | 508,334 | $ | 663,671 | $ | 3,202,703 | ||||||||
Cost of investments in affiliates | 211,220 | 18,009 | — | 62,726 | ||||||||||||
Cost of foreign currency | 8,966 | 179 | 410 | 2,638 | ||||||||||||
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 69 | ||||||
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)
(Amounts in thousands)
| JPMorgan Emerging Economies Fund | JPMorgan Emerging Markets Equity Fund | JPMorgan Global Research Enhanced Index Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income from non-affiliates | $ | 263 | $ | — | $ | 18 | ||||||
Interest income from affiliates | 3 | 2 | 1 | |||||||||
Dividend income from non-affiliates | 24,145 | 26,846 | 96,864 | |||||||||
Dividend income from affiliates | 229 | 843 | 761 | |||||||||
Foreign taxes withheld | (2,039 | ) | (1,719 | ) | (4,724 | ) | ||||||
|
|
|
|
|
| |||||||
Total investment income | 22,601 | 25,972 | 92,920 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 9,043 | 20,982 | 8,485 | |||||||||
Administration fees | 864 | 2,004 | 3,444 | |||||||||
Distribution fees: | ||||||||||||
Class A | 224 | 681 | — | |||||||||
Class C | 11 | 208 | — | |||||||||
Class R2 | — | — | (a) | — | ||||||||
Class R3 | — | — | (a) | — | ||||||||
Service fees: | ||||||||||||
Class A | 224 | 681 | — | |||||||||
Class C | 4 | 69 | — | |||||||||
Class I | 86 | 982 | 3,201 | |||||||||
Class L | — | 253 | — | |||||||||
Class R2 | — | — | (a) | — | ||||||||
Class R3 | — | — | (a) | — | ||||||||
Class R4 | — | — | (a) | — | ||||||||
Class R5 | — | (a) | — | (a) | — | |||||||
Custodian and accounting fees | 708 | 1,264 | 280 | |||||||||
Interest expense to affiliates | 1 | — | (a) | 16 | ||||||||
Professional fees | 55 | 63 | 81 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 16 | 21 | 27 | |||||||||
Printing and mailing costs | 27 | 143 | 101 | |||||||||
Registration and filing fees | 43 | 138 | 87 | |||||||||
Transfer agency fees (See Note 2.H.) | 15 | 66 | 15 | |||||||||
Other | 17 | 32 | 57 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 11,338 | 27,587 | 15,794 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (3,544 | ) | (5,677 | ) | (4,139 | ) | ||||||
Less expense reimbursements | (4 | ) | (9 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net expenses | 7,790 | 21,901 | 11,655 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 14,811 | 4,071 | 81,265 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||
Investments in non-affiliates | 83,669 | (b) | 49,223 | 353,793 | ||||||||
Investments in affiliates | — | — | 36 | |||||||||
Futures contracts | 957 | — | 4,550 | |||||||||
Foreign currency transactions | (28 | ) | (329 | ) | 884 | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 84,598 | 48,894 | 359,263 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||
Investments in non-affiliates | (65,327 | )(c) | 60,363 | (d) | (165,515 | ) | ||||||
Futures contracts | (564 | ) | — | (5,370 | ) | |||||||
Foreign currency translations | (10 | ) | (120 | ) | (9 | ) | ||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (65,901 | ) | 60,243 | (170,894 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | 18,697 | 109,137 | 188,369 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 33,508 | $ | 113,208 | $ | 269,634 | ||||||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than 500. |
| (b) | Net of foreign capital gains tax of approximately $(502,000) for JPMorgan Emerging Economies Fund. |
| (c) | Net of change in foreign capital gains tax of approximately $394,000 for JPMorgan Emerging Economies Fund. |
| (d) | Net of change in foreign capital gains tax of approximately $(4,279,000) for JPMorgan Emerging Markets Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 70 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| JPMorgan Global Unconstrained Equity Fund | JPMorgan International Equity Fund | JPMorgan International Equity Income Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income from non-affiliates | $ | — | (a) | $ | — | (a) | $ | — | (a) | |||
Interest income from affiliates | — | (a) | 1 | — | (a) | |||||||
Dividend income from non-affiliates | 29 | 53,411 | 4,306 | |||||||||
Dividend income from affiliates | — | 377 | 21 | |||||||||
Foreign taxes withheld | (2 | ) | (4,376 | ) | (414 | ) | ||||||
|
|
|
|
|
| |||||||
Total investment income | 27 | 49,413 | 3,913 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 15 | 15,214 | 710 | |||||||||
Administration fees | 2 | 1,764 | 82 | |||||||||
Distribution fees: | ||||||||||||
Class A | 2 | 378 | 108 | |||||||||
Class C | 2 | 87 | 54 | |||||||||
Class R2 | — | (a) | 6 | 1 | ||||||||
Service fees: | ||||||||||||
Class A | 2 | 378 | 108 | |||||||||
Class C | — | (a) | 29 | 18 | ||||||||
Class I | 3 | 208 | 108 | |||||||||
Class R2 | — | (a) | 3 | 1 | ||||||||
Class R5 | — | (a) | 11 | — | (a) | |||||||
Custodian and accounting fees | 22 | 287 | 42 | |||||||||
Interest expense to affiliates | — | 11 | 1 | |||||||||
Professional fees | 36 | 64 | 32 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 12 | 19 | 13 | |||||||||
Printing and mailing costs | 3 | 56 | 8 | |||||||||
Registration and filing fees | 36 | 57 | 32 | |||||||||
Transfer agency fees (See Note 2.H.) | 1 | 36 | 10 | |||||||||
Other | 5 | 33 | 6 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 141 | 18,641 | 1,334 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (19 | ) | (6,837 | ) | (479 | ) | ||||||
Less expense reimbursements | (109 | ) | (7 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net expenses | 13 | 11,797 | 855 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 14 | 37,616 | 3,058 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||
Investments in non-affiliates | 100 | 128,298 | 18,635 | |||||||||
Investments in affiliates | — | — | 1 | |||||||||
Foreign currency transactions | (1 | ) | (44 | ) | (53 | ) | ||||||
Forward foreign currency exchange contracts | — | — | (360 | ) | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 99 | 128,254 | 18,223 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||
Investments in non-affiliates | (58 | ) | (78,850 | ) | (14,592 | ) | ||||||
Foreign currency translations | — | (a) | (209 | ) | (5 | ) | ||||||
Forward foreign currency exchange contracts | — | — | 328 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (58 | ) | (79,059 | ) | (14,269 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | 41 | 49,195 | 3,954 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 55 | $ | 86,811 | $ | 7,012 | ||||||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than 500. |
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 71 | ||||||
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)
(Amounts in thousands)
| JPMorgan International Research Enhanced Equity Fund | JPMorgan International Unconstrained Equity Fund | JPMorgan International Value Fund | JPMorgan Intrepid International Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Interest income from non-affiliates | $ | 53 | $ | — | (a) $ | — | (a) | $ | 16 | |||||||
Interest income from affiliates | 47 | — | (a) | — | (a) | — | (a) | |||||||||
Dividend income from non-affiliates | 84,372 | 4,750 | 13,142 | 56,782 | ||||||||||||
Dividend income from affiliates | 1,133 | 83 | 47 | 453 | ||||||||||||
Foreign taxes withheld | (7,467 | ) | (338 | ) | (1,160 | ) | (5,524 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 78,138 | 4,495 | 12,029 | 51,727 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees | 5,538 | 1,654 | 2,369 | 10,329 | ||||||||||||
Administration fees | 2,248 | 192 | 321 | 1,397 | ||||||||||||
Distribution fees: | ||||||||||||||||
Class A | 365 | 107 | 399 | 283 | ||||||||||||
Class C | — | 86 | 74 | 7 | ||||||||||||
Class R2 | — | 1 | 4 | 38 | ||||||||||||
Service fees: | ||||||||||||||||
Class A | 365 | 107 | 399 | 283 | ||||||||||||
Class C | — | 29 | 25 | 2 | ||||||||||||
Class I | 1,358 | 253 | 203 | 71 | ||||||||||||
Class L | — | — | 85 | — | ||||||||||||
Class R2 | — | — | (a) | 2 | 19 | |||||||||||
Class R5 | — | 1 | — | (a) | — | |||||||||||
Custodian and accounting fees | 292 | 57 | 66 | 262 | ||||||||||||
Interest expense to affiliates | 21 | — | (a) | 1 | 10 | |||||||||||
Professional fees | 104 | 34 | 50 | 65 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 25 | 15 | 14 | 18 | ||||||||||||
Printing and mailing costs | 121 | 12 | 125 | 36 | ||||||||||||
Registration and filing fees | 87 | 64 | 53 | 51 | ||||||||||||
Transfer agency fees (See Note 2.H.) | 43 | 11 | 16 | 31 | ||||||||||||
Other | 38 | 7 | 18 | 31 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 10,605 | 2,630 | 4,224 | 12,933 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived | (2,782 | ) | (837 | ) | (991 | ) | (2,881 | ) | ||||||||
Less expense reimbursements | — | — | (a) | — | (a) | (5 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 7,823 | 1,793 | 3,233 | 10,047 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 70,315 | 2,702 | 8,796 | 41,680 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments in non-affiliates | 38,798 | (1,572 | ) | 4,226 | 32,730 | |||||||||||
Futures contracts | 18,438 | 76 | — | (4,351 | ) | |||||||||||
Foreign currency transactions | 1,138 | 17 | 42 | 247 | ||||||||||||
Forward foreign currency exchange contracts | — | — | (1,685 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 58,374 | (1,479 | ) | 2,583 | 28,626 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments in non-affiliates | 10,733 | (4,496 | ) | 12,906 | (32,775 | ) | ||||||||||
Futures contracts | 727 | — | — | 1,333 | ||||||||||||
Foreign currency translations | (326 | ) | (18 | ) | 164 | (152 | ) | |||||||||
Forward foreign currency exchange contracts | — | — | (349 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | 11,134 | (4,514 | ) | 12,721 | (31,594 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | 69,508 | (5,993 | ) | 15,304 | (2,968 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 139,823 | $ | (3,291 | ) | $ | 24,100 | $ | 38,712 | |||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than 500. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 72 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Emerging Economies Fund | JPMorgan Emerging Markets Equity Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 14,811 | $ | 41,242 | $ | 4,071 | $ | 27,237 | ||||||||
Net realized gain (loss) | 84,598 | 158,485 | 48,894 | (16,512 | ) | |||||||||||
Change in net unrealized appreciation/depreciation | (65,901 | ) | 303,356 | 60,243 | 907,407 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 33,508 | 503,083 | 113,208 | 918,132 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (3,219 | ) | (1,900 | ) | (788 | ) | (1,930 | ) | ||||||||
Class C | ||||||||||||||||
From net investment income | (37 | ) | (14 | ) | (4 | ) | (12 | ) | ||||||||
Class I | ||||||||||||||||
From net investment income | (1,440 | ) | (709 | ) | (2,829 | ) | (1,895 | ) | ||||||||
Class L | ||||||||||||||||
From net investment income | — | — | (2,054 | ) | (3,193 | ) | ||||||||||
Class R2 (a) | ||||||||||||||||
From net investment income | — | — | — | (b) | — | |||||||||||
Class R3 (a) | ||||||||||||||||
From net investment income | — | — | — | (b) | — | |||||||||||
Class R4 (a) | ||||||||||||||||
From net investment income | — | — | — | (b) | — | |||||||||||
Class R5 | ||||||||||||||||
From net investment income | (8 | ) | (23 | ) | (1 | ) | — | (b) | ||||||||
Class R6 | ||||||||||||||||
From net investment income | (39,227 | ) | (24,949 | ) | (16,464 | ) | (16,962 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (43,931 | ) | (27,595 | ) | (22,140 | ) | (23,992 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 57,519 | (217,505 | ) | 549,465 | 429,170 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 47,096 | 257,983 | 640,533 | 1,323,310 | ||||||||||||
Beginning of period | 2,037,695 | 1,779,712 | 4,447,888 | 3,124,578 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,084,791 | $ | 2,037,695 | $ | 5,088,421 | $ | 4,447,888 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 5,413 | $ | 34,533 | $ | 3,706 | $ | 21,775 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective July 31, 2017, for JPMorgan Emerging Markets Equity Fund. |
| (b) | Amount rounds to less than 500. |
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 73 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Global Research Enhanced Index Fund | JPMorgan Global Unconstrained Equity Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 81,265 | $ | 149,058 | $ | 14 | $ | 23 | ||||||||
Net realized gain (loss) | 359,263 | 148,203 | 99 | 185 | ||||||||||||
Change in net unrealized appreciation/depreciation | (170,894 | ) | 1,306,055 | (58 | ) | 212 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 269,634 | 1,603,316 | 55 | 420 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A (a) | ||||||||||||||||
From net investment income | — | (1 | ) | (10 | ) | — | ||||||||||
From net realized gains | — | — | (46 | ) | — | |||||||||||
Class C (a) | ||||||||||||||||
From net investment income | — | — | (b) | (3 | ) | — | ||||||||||
From net realized gains | — | — | (20 | ) | — | |||||||||||
Class I | ||||||||||||||||
From net investment income | (14,541 | ) | (155,975 | ) | (20 | ) | (3 | ) | ||||||||
From net realized gains | — | — | (70 | ) | — | |||||||||||
Class R2 (a) | ||||||||||||||||
From net investment income | — | — | (b) | — | (b) | — | ||||||||||
From net realized gains | — | — | (1 | ) | — | |||||||||||
Class R5 | ||||||||||||||||
From net investment income | — | — | — | (b) | — | (b) | ||||||||||
From net realized gains | — | — | (1 | ) | — | |||||||||||
Class R6 (c) | ||||||||||||||||
From net investment income | (144,723 | ) | — | (1 | ) | — | (b) | |||||||||
From net realized gains | — | — | (5 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (159,264 | ) | (155,976 | ) | (177 | ) | (3 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (456,773 | ) | 308,814 | 1,737 | 1,460 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (346,403 | ) | 1,756,154 | 1,615 | 1,877 | |||||||||||
Beginning of period | 8,663,460 | 6,907,306 | 3,549 | 1,672 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 8,317,057 | $ | 8,663,460 | $ | 5,164 | $ | 3,549 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 42,191 | $ | 120,190 | $ | (6 | ) | $ | 14 | |||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Liquidated on August 11, 2017 for JPMorgan Global Research Enhanced Index Fund. |
| (b) | Amount rounds to less than 500. |
| (c) | Commencement of offering of class of shares effective November 1, 2017, for JPMorgan Global Research Enhanced Index Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 74 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| JPMorgan International Equity Fund | JPMorgan International Equity Income Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 37,616 | $ | 66,082 | $ | 3,058 | $ | 4,955 | ||||||||
Net realized gain (loss) | 128,254 | (9,296 | ) | 18,223 | (181 | ) | ||||||||||
Change in net unrealized appreciation/depreciation | (79,059 | ) | 803,981 | (14,269 | ) | 24,302 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 86,811 | 860,767 | 7,012 | 29,076 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (4,237 | ) | (611 | ) | (1,440 | ) | (2,272 | ) | ||||||||
Class C | ||||||||||||||||
From net investment income | (224 | ) | (22 | ) | (200 | ) | (346 | ) | ||||||||
Class I | ||||||||||||||||
From net investment income | (2,341 | ) | (394 | ) | (1,527 | ) | (2,676 | ) | ||||||||
Class R2 | ||||||||||||||||
From net investment income | (26 | ) | (2 | ) | (5 | ) | (11 | ) | ||||||||
Class R5 | ||||||||||||||||
From net investment income | (355 | ) | (165 | ) | (7 | ) | (47 | ) | ||||||||
Class R6 | ||||||||||||||||
From net investment income | (59,589 | ) | (16,643 | ) | (280 | ) | (30 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (66,772 | ) | (17,837 | ) | (3,459 | ) | (5,382 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 511,222 | (260,305 | ) | (3,935 | ) | 42,607 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 531,261 | 582,625 | (382 | ) | 66,301 | |||||||||||
Beginning of period | 4,007,091 | 3,424,466 | 200,456 | 134,155 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,538,352 | $ | 4,007,091 | $ | 200,074 | $ | 200,456 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 24,538 | $ | 53,694 | $ | (720 | ) | $ | (319 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 75 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan International Research Enhanced Equity Fund | JPMorgan International Unconstrained Equity Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 70,315 | $ | 44,850 | $ | 2,702 | $ | 2,308 | ||||||||
Net realized gain (loss) | 58,374 | 35,372 | (1,479 | ) | 2,079 | |||||||||||
Change in net unrealized appreciation/depreciation | 11,134 | 305,035 | (4,514 | ) | 40,014 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 139,823 | 385,257 | (3,291 | ) | 44,401 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (3,017 | ) | (1,511 | ) | (451 | ) | (259 | ) | ||||||||
From net realized gains | (3,062 | ) | — | — | — | |||||||||||
Class C (a) | ||||||||||||||||
From net investment income | — | (227 | ) | (86 | ) | (67 | ) | |||||||||
Class I | ||||||||||||||||
From net investment income | (10,260 | ) | (32,213 | ) | (1,315 | ) | (257 | ) | ||||||||
From net realized gains | (12,396 | ) | — | — | — | |||||||||||
Class R2 (a) | ||||||||||||||||
From net investment income | — | (254 | ) | (2 | ) | — | (b) | |||||||||
Class R5 | ||||||||||||||||
From net investment income | — | — | (1 | ) | — | (b) | ||||||||||
Class R6 (c) | ||||||||||||||||
From net investment income | (42,968 | ) | — | (1,288 | ) | (1,980 | ) | |||||||||
From net realized gains | (36,573 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (108,276 | ) | (34,205 | ) | (3,143 | ) | (2,563 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 766,316 | 3,352,439 | 214,221 | 206,016 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 797,863 | 3,703,491 | 207,787 | 247,854 | ||||||||||||
Beginning of period | 5,038,702 | 1,335,211 | 357,629 | 109,775 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 5,836,565 | $ | 5,038,702 | $ | 565,416 | $ | 357,629 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 48,930 | $ | 34,860 | $ | 2,110 | $ | 2,551 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Liquidated on October 9, 2017 for JPMorgan International Research Enhanced Equity Fund. |
| (b) | Amount rounds to less than 500. |
| (c) | Commencement of offering of class of shares effective November 1, 2017, for JPMorgan International Research Enhanced Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 76 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| JPMorgan International Value Fund | JPMorgan Intrepid International Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 8,796 | $ | 17,446 | $ | 41,680 | $ | 60,855 | ||||||||
Net realized gain (loss) | 2,583 | 71,880 | 28,626 | 160,672 | ||||||||||||
Change in net unrealized appreciation/depreciation | 12,721 | 107,859 | (31,594 | ) | 402,080 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 24,100 | 197,185 | 38,712 | 623,607 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (6,784 | ) | (18,922 | ) | (4,177 | ) | (3,117 | ) | ||||||||
Class C | ||||||||||||||||
From net investment income | (316 | ) | (1,312 | ) | (19 | ) | (28 | ) | ||||||||
Class I | ||||||||||||||||
From net investment income | (3,872 | ) | (8,933 | ) | (1,091 | ) | (1,014 | ) | ||||||||
Class L (a) | ||||||||||||||||
From net investment income | (4,302 | ) | (30,468 | ) | — | — | ||||||||||
Class R2 | ||||||||||||||||
From net investment income | (27 | ) | (59 | ) | (172 | ) | (9 | ) | ||||||||
Class R5 | ||||||||||||||||
From net investment income | (2 | ) | (1 | ) | — | — | ||||||||||
Class R6 | ||||||||||||||||
From net investment income | (2,922 | ) | (1,834 | ) | (61,869 | ) | (66,113 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (18,225 | ) | (61,529 | ) | (67,328 | ) | (70,281 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (42,233 | ) | (650,089 | ) | 519,275 | (92,031 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (36,358 | ) | (514,433 | ) | 490,659 | 461,295 | ||||||||||
Beginning of period | 793,787 | 1,308,220 | 3,155,609 | 2,694,314 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 757,429 | $ | 793,787 | $ | 3,646,268 | $ | 3,155,609 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 4,850 | $ | 14,279 | $ | 29,277 | $ | 54,925 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Liquidated on December 8, 2016 for JPMorgan Intrepid International Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 77 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Emerging Economies Fund | JPMorgan Emerging Markets Equity Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 25,917 | $ | 52,611 | $ | 109,978 | $ | 183,624 | ||||||||
Distributions reinvested | 3,219 | 1,900 | 781 | 1,872 | ||||||||||||
Cost of shares redeemed | (50,480 | ) | (60,941 | ) | (144,381 | ) | (181,184 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (21,344 | ) | $ | (6,430 | ) | $ | (33,622 | ) | $ | 4,312 | |||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 472 | $ | 631 | $ | 14,565 | $ | 17,118 | ||||||||
Distributions reinvested | 37 | 14 | 4 | 12 | ||||||||||||
Cost of shares redeemed | (426 | ) | (984 | ) | (5,712 | ) | (17,463 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 83 | $ | (339 | ) | $ | 8,857 | $ | (333 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 19,745 | $ | 17,416 | $ | 337,156 | $ | 331,493 | ||||||||
Distributions reinvested | 785 | 360 | 2,460 | 1,623 | ||||||||||||
Cost of shares redeemed | (20,315 | ) | (22,430 | ) | (87,627 | ) | (109,592 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 215 | $ | (4,654 | ) | $ | 251,989 | $ | 223,524 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 159,286 | $ | 402,572 | ||||||||
Distributions reinvested | — | — | 1,682 | 2,482 | ||||||||||||
Cost of shares redeemed | — | — | (56,286 | ) | (496,701 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | — | $ | — | $ | 104,682 | $ | (91,647 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 25 | $ | 20 | ||||||||
Distributions reinvested | — | — | — | (b) | — | |||||||||||
Cost of shares redeemed | — | — | — | (b) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | — | $ | — | $ | 25 | $ | 20 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 419 | $ | 20 | ||||||||
Distributions reinvested | — | — | — | (b) | — | |||||||||||
Cost of shares redeemed | — | — | (16 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | — | $ | — | $ | 403 | $ | 20 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 33 | $ | 20 | ||||||||
Distributions reinvested | — | — | — | (b) | — | |||||||||||
Cost of shares redeemed | — | — | (30 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | — | $ | — | $ | 3 | $ | 20 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 105 | $ | 324 | $ | 2,450 | $ | 185 | ||||||||
Distributions reinvested | 8 | 23 | 1 | — | (b) | |||||||||||
Cost of shares redeemed | (179 | ) | (1,787 | ) | (218 | ) | — | (b) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | (66 | ) | $ | (1,440 | ) | $ | 2,233 | $ | 185 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 133,294 | $ | 124,871 | $ | 394,993 | $ | 672,770 | ||||||||
Distributions reinvested | 39,227 | 24,949 | 16,155 | 16,658 | ||||||||||||
Cost of shares redeemed | (93,890 | ) | (354,462 | ) | (196,253 | ) | (396,359 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 78,631 | $ | (204,642 | ) | $ | 214,895 | $ | 293,069 | |||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 57,519 | $ | (217,505 | ) | $ | 549,465 | $ | 429,170 | |||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective July 31, 2017, for JPMorgan Emerging Markets Equity Fund. |
| (b) | Amount rounds to less than 500. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 78 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| JPMorgan Emerging Economies Fund | JPMorgan Emerging Markets Equity Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 1,708 | 4,043 | 3,735 | 7,615 | ||||||||||||
Reinvested | 220 | 173 | 28 | 93 | ||||||||||||
Redeemed | (3,253 | ) | (4,857 | ) | (4,901 | ) | (7,550 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (1,325 | ) | (641 | ) | (1,138 | ) | 158 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 30 | 49 | 508 | 702 | ||||||||||||
Reinvested | 3 | 1 | — | (a) | 1 | |||||||||||
Redeemed | (28 | ) | (74 | ) | (201 | ) | (762 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 5 | (24 | ) | 307 | (59 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 1,290 | 1,347 | 11,185 | 13,114 | ||||||||||||
Reinvested | 53 | 33 | 84 | 79 | ||||||||||||
Redeemed | (1,301 | ) | (1,678 | ) | (2,905 | ) | (4,464 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 42 | (298 | ) | 8,364 | 8,729 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Issued | — | — | 5,209 | 16,403 | ||||||||||||
Reinvested | — | — | 57 | 119 | ||||||||||||
Redeemed | — | — | (1,856 | ) | (18,771 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | — | — | 3,410 | (2,249 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 (b) | ||||||||||||||||
Issued | — | — | — | (a) | 1 | |||||||||||
Reinvested | — | — | — | (a) | — | |||||||||||
Redeemed | — | — | — | (a) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | — | — | — | (a) | 1 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 (b) | ||||||||||||||||
Issued | — | — | 14 | 1 | ||||||||||||
Reinvested | — | — | — | (a) | — | |||||||||||
Redeemed | — | — | (1 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | — | — | 13 | 1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 (b) | ||||||||||||||||
Issued | — | — | 1 | 1 | ||||||||||||
Reinvested | — | — | — | (a) | — | |||||||||||
Redeemed | — | — | (1 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | — | — | — | (a) | 1 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 7 | 26 | 80 | 6 | ||||||||||||
Reinvested | 1 | 2 | — | (a) | — | (a) | ||||||||||
Redeemed | (12 | ) | (136 | ) | (7 | ) | — | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | (4 | ) | (108 | ) | 73 | 6 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 8,635 | 9,667 | 13,003 | 25,331 | ||||||||||||
Reinvested | 2,667 | 2,258 | 550 | 804 | ||||||||||||
Redeemed | (6,114 | ) | (26,789 | ) | (6,461 | ) | (15,462 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 5,188 | (14,864 | ) | 7,092 | 10,673 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than 500. |
| (b) | Commencement of offering of class of shares effective July 31, 2017, for JPMorgan Emerging Markets Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 79 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Global Research Enhanced Index Fund | JPMorgan Global Unconstrained Equity Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 820 | $ | 1,003 | ||||||||
Distributions reinvested | — | 1 | 55 | — | ||||||||||||
Cost of shares redeemed | — | (24 | ) | (244 | ) | (379 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | — | $ | (23 | ) | $ | 631 | $ | 624 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class C (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 223 | $ | 230 | ||||||||
Distributions reinvested | — | — | (b) | 22 | — | |||||||||||
Cost of shares redeemed | — | (23 | ) | (44 | ) | (101 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | — | $ | (23 | ) | $ | 201 | $ | 129 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 363,717 | $ | 1,447,613 | $ | 996 | $ | 1,004 | ||||||||
Distributions reinvested | 14,320 | 19,299 | 86 | 3 | ||||||||||||
Cost of shares redeemed | (8,706,704 | ) | (1,158,029 | ) | (187 | ) | (396 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | (8,328,667 | ) | $ | 308,883 | $ | 895 | $ | 611 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | — | $ | — | (b) | |||||||
Distributions reinvested | — | — | (b) | — | — | |||||||||||
Cost of shares redeemed | — | (23 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | — | $ | (23 | ) | $ | — | $ | — | (b) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | — | $ | — | (b) | |||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | — | $ | — | $ | — | $ | — | (b) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 (c) | ||||||||||||||||
Proceeds from shares issued | $ | 8,906,627 | $ | — | $ | 5 | $ | 96 | ||||||||
Distributions reinvested | 144,635 | — | 5 | — | ||||||||||||
Cost of shares redeemed | (1,179,368 | ) | — | — | (b) | — | (b) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 7,871,894 | $ | — | $ | 10 | $ | 96 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (456,773 | ) | $ | 308,814 | $ | 1,737 | $ | 1,460 | |||||||
|
|
|
|
|
|
|
| |||||||||
| a) | Liquidated on August 11, 2017 for JPMorgan Global Research Enhanced Index Fund. |
| (b) | Amount rounds to less than 500. |
| (c) | Commencement of offering of class of shares effective November 1, 2017, for JPMorgan Global Research Enhanced Index Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 80 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| JPMorgan Global Research Enhanced Index Fund | JPMorgan Global Unconstrained Equity Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A (a) |
| |||||||||||||||
Issued | — | — | 48 | 61 | ||||||||||||
Reinvested | — | — | (b) | 3 | — | |||||||||||
Redeemed | — | (1 | ) | (14 | ) | (23 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | — | (1 | ) | 37 | 38 | |||||||||||
|
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|
|
|
|
|
| |||||||||
Class C (a) |
| |||||||||||||||
Issued | — | — | 12 | 15 | ||||||||||||
Reinvested | — | — | (b) | 2 | — | |||||||||||
Redeemed | — | (1 | ) | (3 | ) | (7 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | — | (1 | ) | 11 | 8 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 15,947 | 71,810 | 58 | 59 | ||||||||||||
Reinvested | 633 | 1,023 | 5 | — | (b) | |||||||||||
Redeemed | (386,726 | ) | (57,817 | ) | (11 | ) | (24 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (370,146 | ) | 15,016 | 52 | 35 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 (a) |
| |||||||||||||||
Issued | — | — | (1 | ) | — | (b) | ||||||||||
Reinvested | — | — | (b) | — | — | |||||||||||
Redeemed | — | (1 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | — | (1 | ) | (1 | ) | — | (b) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | — | — | — | — | (b) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | — | — | — | — | (b) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 (c) |
| |||||||||||||||
Issued | 396,436 | — | 1 | 6 | ||||||||||||
Reinvested | 6,466 | — | — | (b) | — | |||||||||||
Redeemed | (51,302 | ) | — | — | (b) | — | (b) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 351,600 | — | 1 | 6 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Liquidated on August 11, 2017 for JPMorgan Global Research Enhanced Index Fund. |
| (b) | Amount rounds to less than 500. |
| (c) | Commencement of offering of class of shares effective November 1, 2017, for JPMorgan Global Research Enhanced Index Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 81 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan International Equity Fund | JPMorgan International Equity Income Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 46,872 | $ | 115,322 | $ | 14,034 | $ | 39,144 | ||||||||
Distributions reinvested | 4,198 | 605 | 1,439 | 2,269 | ||||||||||||
Cost of shares redeemed | (84,752 | ) | (86,838 | ) | (15,440 | ) | (33,881 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (33,682 | ) | $ | 29,089 | $ | 33 | $ | 7,532 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 4,234 | $ | 6,163 | $ | 2,027 | $ | 5,012 | ||||||||
Distributions reinvested | 210 | 19 | 199 | 343 | ||||||||||||
Cost of shares redeemed | (5,132 | ) | (9,245 | ) | (1,547 | ) | (5,201 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (688 | ) | $ | (3,063 | ) | $ | 679 | $ | 154 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 68,402 | $ | 56,730 | $ | 15,201 | $ | 59,870 | ||||||||
Distributions reinvested | 2,206 | 320 | 1,509 | 2,443 | ||||||||||||
Cost of shares redeemed | (20,795 | ) | (37,900 | ) | (20,570 | ) | (41,426 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 49,813 | $ | 19,150 | $ | (3,860 | ) | $ | 20,887 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 320 | $ | 672 | $ | 83 | $ | 295 | ||||||||
Distributions reinvested | 12 | 1 | 5 | 11 | ||||||||||||
Cost of shares redeemed | (288 | ) | (396 | ) | (126 | ) | (356 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 44 | $ | 277 | $ | (38 | ) | $ | (50 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 327 | $ | 1,663 | $ | 21 | $ | 997 | ||||||||
Distributions reinvested | 354 | 165 | 7 | 47 | ||||||||||||
Cost of shares redeemed | (203 | ) | (43,919 | ) | (1,188 | ) | (635 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 478 | $ | (42,091 | ) | $ | (1,160 | ) | $ | 409 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 720,947 | $ | 393,780 | $ | 2,350 | $ | 14,231 | ||||||||
Distributions reinvested | 59,589 | 16,643 | 280 | 30 | ||||||||||||
Cost of shares redeemed | (285,279 | ) | (674,090 | ) | (2,219 | ) | (586 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 495,257 | $ | (263,667 | ) | $ | 411 | $ | 13,675 | |||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 511,222 | $ | (260,305 | ) | $ | (3,935 | ) | $ | 42,607 | ||||||
|
|
|
|
|
|
|
| |||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 82 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| JPMorgan International Equity Fund | JPMorgan International Equity Income Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 2,579 | 7,301 | 820 | 2,566 | ||||||||||||
Reinvested | 235 | 42 | 86 | 148 | ||||||||||||
Redeemed | (4,692 | ) | (5,607 | ) | (921 | ) | (2,230 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (1,878 | ) | 1,736 | (15 | ) | 484 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 245 | 405 | 122 | 329 | ||||||||||||
Reinvested | 12 | 1 | 12 | 22 | ||||||||||||
Redeemed | (302 | ) | (610 | ) | (93 | ) | (338 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (45 | ) | (204 | ) | 41 | 13 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 3,712 | 3,517 | 895 | 3,939 | ||||||||||||
Reinvested | 122 | 22 | 90 | 158 | ||||||||||||
Redeemed | (1,132 | ) | (2,347 | ) | (1,207 | ) | (2,659 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 2,702 | 1,192 | (222 | ) | 1,438 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | 18 | 41 | 4 | 20 | ||||||||||||
Reinvested | 1 | — | (a) | — | (a) | 1 | ||||||||||
Redeemed | (16 | ) | (26 | ) | (7 | ) | (23 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 3 | 15 | (3 | ) | (2 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | 18 | 111 | 2 | 66 | ||||||||||||
Reinvested | 19 | 11 | — | (a) | 3 | |||||||||||
Redeemed | (11 | ) | (2,981 | ) | (69 | ) | (40 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 26 | (2,859 | ) | (67 | ) | 29 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 38,407 | 25,401 | 138 | 882 | ||||||||||||
Reinvested | 3,289 | 1,123 | 17 | 2 | ||||||||||||
Redeemed | (15,289 | ) | (42,082 | ) | (131 | ) | (36 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 26,407 | (15,558 | ) | 24 | 848 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than 500. |
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 83 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan International Research Enhanced Equity Fund | JPMorgan International Unconstrained Equity Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 28,384 | $ | 291,313 | $ | 48,039 | $ | 56,512 | ||||||||
Distributions reinvested | 6,000 | 1,449 | 451 | 256 | ||||||||||||
Cost of shares redeemed | (79,656 | ) | (80,384 | ) | (16,439 | ) | (9,624 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (45,272 | ) | $ | 212,378 | $ | 32,051 | $ | 47,144 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class C (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | 655 | $ | 15,897 | $ | 12,093 | ||||||||
Distributions reinvested | — | 221 | 86 | 66 | ||||||||||||
Cost of shares redeemed | — | (16,621 | ) | (2,121 | ) | (3,674 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | — | $ | (15,745 | ) | $ | 13,862 | $ | 8,485 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 255,195 | $ | 3,428,331 | $ | 165,167 | $ | 133,949 | ||||||||
Distributions reinvested | 22,644 | 31,067 | 1,280 | 199 | ||||||||||||
Cost of shares redeemed | (4,823,760 | ) | (291,221 | ) | (33,514 | ) | (23,313 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | (4,545,921 | ) | $ | 3,168,177 | $ | 132,933 | $ | 110,835 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | 6,205 | $ | 698 | $ | 71 | ||||||||
Distributions reinvested | — | 189 | 2 | — | (b) | |||||||||||
Cost of shares redeemed | — | (18,765 | ) | (39 | ) | — | (b) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | — | $ | (12,371 | ) | $ | 661 | $ | 71 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 4,806 | $ | 69 | ||||||||
Distributions reinvested | — | — | 1 | — | (b) | |||||||||||
Cost of shares redeemed | — | — | (361 | ) | (6 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | — | $ | — | $ | 4,446 | $ | 63 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 (c) | ||||||||||||||||
Proceeds from shares issued | $ | 5,597,036 | $ | — | $ | 31,148 | $ | 38,555 | ||||||||
Distributions reinvested | 79,541 | — | 1,288 | 1,980 | ||||||||||||
Cost of shares redeemed | (319,068 | ) | — | (2,168 | ) | (1,117 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 5,357,509 | $ | — | $ | 30,268 | $ | 39,418 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 766,316 | $ | 3,352,439 | $ | 214,221 | $ | 206,016 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Liquidated on October 9, 2017 for JPMorgan International Research Enhanced Equity Fund. |
| (b) | Amount rounds to less than 500. |
| (c) | Commencement of offering of class of shares effective November 1, 2017, for JPMorgan International Research Enhanced Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 84 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| JPMorgan International Research Enhanced Equity Fund | JPMorgan International Unconstrained Equity Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 1,499 | 15,780 | 2,213 | 2,894 | ||||||||||||
Reinvested | 321 | 93 | 21 | 15 | ||||||||||||
Redeemed | (4,235 | ) | (4,458 | ) | (771 | ) | (521 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (2,415 | ) | 11,415 | 1,463 | 2,388 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C (a) | ||||||||||||||||
Issued | — | 40 | 745 | 610 | ||||||||||||
Reinvested | — | 15 | 4 | 4 | ||||||||||||
Redeemed | — | (963 | ) | (100 | ) | (191 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | — | (908 | ) | 649 | 423 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 13,334 | 186,476 | 7,522 | 6,707 | ||||||||||||
Reinvested | 1,199 | 1,983 | 60 | 12 | ||||||||||||
Redeemed | (257,184 | ) | (17,061 | ) | (1,540 | ) | (1,152 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (242,651 | ) | 171,398 | 6,042 | 5,567 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 (a) | ||||||||||||||||
Issued | — | 382 | 32 | 4 | ||||||||||||
Reinvested | — | 12 | — | (b) | — | (b) | ||||||||||
Redeemed | — | (1,067 | ) | (2 | ) | — | (b) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | — | (673 | ) | 30 | 4 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | — | — | 210 | 3 | ||||||||||||
Reinvested | — | — | — | (b) | — | (b) | ||||||||||
Redeemed | — | — | (17 | ) | — | (b) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | — | — | 193 | 3 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 (c) |
| |||||||||||||||
Issued | 297,275 | — | 1,428 | 2,008 | ||||||||||||
Reinvested | 4,222 | — | 61 | 117 | ||||||||||||
Redeemed | (16,655 | ) | — | (99 | ) | (53 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 284,842 | — | 1,390 | 2,072 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Liquidated on October 9, 2017 for JPMorgan International Research Enhanced Equity Fund. |
| (b) | Amount rounds to less than 500. |
| (c) | Commencement of offering of class of shares effective November 1, 2017, for JPMorgan International Research Enhanced Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 85 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan International Value Fund | JPMorgan Intrepid International Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 29,642 | $ | 82,228 | $ | 28,945 | $ | 90,711 | ||||||||
Distributions reinvested | 6,704 | 18,745 | 4,173 | 3,114 | ||||||||||||
Cost of shares redeemed | (36,073 | ) | (406,516 | ) | (72,724 | ) | (62,079 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 273 | $ | (305,543 | ) | $ | (39,606 | ) | $ | 31,746 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 1,627 | $ | 2,914 | $ | 651 | $ | 455 | ||||||||
Distributions reinvested | 287 | 1,151 | 19 | 26 | ||||||||||||
Cost of shares redeemed | (4,263 | ) | (10,863 | ) | (373 | ) | (1,359 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (2,349 | ) | $ | (6,798 | ) | $ | 297 | $ | (878 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 31,809 | $ | 29,799 | $ | 13,050 | $ | 39,085 | ||||||||
Distributions reinvested | 3,381 | 4,900 | 1,088 | 451 | ||||||||||||
Cost of shares redeemed | (31,697 | ) | (69,741 | ) | (9,172 | ) | (11,981 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 3,493 | $ | (35,042 | ) | $ | 4,966 | $ | 27,555 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class L (a) | ||||||||||||||||
Proceeds from shares issued | $ | 5,707 | $ | 193,382 | $ | — | $ | 39 | ||||||||
Distributions reinvested | 1,069 | 20,403 | — | — | ||||||||||||
Cost of shares redeemed | (63,724 | ) | (590,617 | ) | — | (23,795 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | (56,948 | ) | $ | (376,832 | ) | $ | — | $ | (23,756 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 97 | $ | 368 | $ | 32,182 | $ | 8,299 | ||||||||
Distributions reinvested | 9 | 24 | 165 | 4 | ||||||||||||
Cost of shares redeemed | (189 | ) | (402 | ) | (3,818 | ) | (321 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | (83 | ) | $ | (10 | ) | $ | 28,529 | $ | 7,982 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 6 | $ | 36 | $ | — | $ | — | ||||||||
Distributions reinvested | 2 | 1 | — | — | ||||||||||||
Cost of shares redeemed | — | (b) | (1 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 8 | $ | 36 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 23,117 | $ | 106,682 | $ | 652,886 | $ | 257,105 | ||||||||
Distributions reinvested | 2,922 | 1,834 | 61,869 | 66,113 | ||||||||||||
Cost of shares redeemed | (12,666 | ) | (34,416 | ) | (189,666 | ) | (457,898 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 13,373 | $ | 74,100 | $ | 525,089 | $ | (134,680 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (42,233 | ) | $ | (650,089 | ) | $ | 519,275 | $ | (92,031 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Liquidated on December 8, 2016 for JPMorgan Intrepid International Fund. |
| (b) | Amount rounds to less than 500. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 86 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| JPMorgan International Value Fund | JPMorgan Intrepid International Fund | |||||||||||||||
| Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 2,059 | 6,323 | 1,302 | 4,549 | ||||||||||||
Reinvested | 472 | 1,558 | 191 | 171 | ||||||||||||
Redeemed | (2,496 | ) | (32,574 | ) | (3,277 | ) | (3,165 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 35 | (24,693 | ) | (1,784 | ) | 1,555 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 116 | 229 | 29 | 22 | ||||||||||||
Reinvested | 21 | 99 | 1 | 1 | ||||||||||||
Redeemed | (307 | ) | (863 | ) | (17 | ) | (67 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (170 | ) | (535 | ) | 13 | (44 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 2,162 | 2,244 | 562 | 1,985 | ||||||||||||
Reinvested | 233 | 399 | 48 | 24 | ||||||||||||
Redeemed | (2,146 | ) | (5,291 | ) | (396 | ) | (574 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 249 | (2,648 | ) | 214 | 1,435 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class L (a) | ||||||||||||||||
Issued | 388 | 14,882 | — | 2 | ||||||||||||
Reinvested | 74 | 1,668 | — | — | ||||||||||||
Redeemed | (4,375 | ) | (44,537 | ) | — | (1,238 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | (3,913 | ) | (27,987 | ) | — | (1,236 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | 6 | 30 | 1,476 | 386 | ||||||||||||
Reinvested | 1 | 2 | 7 | — | (b) | |||||||||||
Redeemed | (14 | ) | (32 | ) | (174 | ) | (15 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | (7 | ) | — | (b) | 1,309 | 371 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | 1 | 2 | — | — | ||||||||||||
Reinvested | — | (b) | — | (b) | — | — | ||||||||||
Redeemed | — | (b) | — | (b) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 1 | 2 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 1,575 | 7,566 | 28,152 | 13,047 | ||||||||||||
Reinvested | 203 | 150 | 2,771 | 3,555 | ||||||||||||
Redeemed | (861 | ) | (2,501 | ) | (8,284 | ) | (22,597 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 917 | 5,215 | 22,639 | (5,995 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Liquidated on December 8, 2016 for JPMorgan Intrepid International Fund. |
| (b) | Amount rounds to less than 500. |
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 87 | ||||||
Table of Contents
FOR THE PERIODS INDICATED
| Per share operating performance | ||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan Emerging Economies Fund |
| |||||||||||||||||||
Class A |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | $ | 14.73 | $ | 0.07 | $ | 0.14 | $ | 0.21 | $ | (0.26 | ) | |||||||||
Year Ended October 31, 2017 | 11.55 | 0.22 | 3.11 | 3.33 | (0.15 | ) | ||||||||||||||
Year Ended October 31, 2016 | 11.03 | 0.15 | 0.46 | 0.61 | (0.09 | ) | ||||||||||||||
Year Ended October 31, 2015 | 13.13 | 0.13 | (f) | (2.03 | ) | (1.90 | ) | (0.20 | ) | |||||||||||
Year Ended October 31, 2014 | 13.63 | 0.22 | (0.57 | ) | (0.35 | ) | (0.15 | ) | ||||||||||||
Year Ended October 31, 2013 | 12.88 | 0.19 | 0.67 | 0.86 | (0.11 | ) | ||||||||||||||
Class C |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 14.60 | 0.04 | 0.13 | 0.17 | (0.19 | ) | ||||||||||||||
Year Ended October 31, 2017 | 11.41 | 0.16 | 3.09 | 3.25 | (0.06 | ) | ||||||||||||||
Year Ended October 31, 2016 | 10.86 | 0.09 | 0.46 | 0.55 | — | (g) | ||||||||||||||
Year Ended October 31, 2015 | 12.92 | 0.10 | (f) | (2.03 | ) | (1.93 | ) | (0.13 | ) | |||||||||||
Year Ended October 31, 2014 | 13.44 | 0.15 | (0.57 | ) | (0.42 | ) | (0.10 | ) | ||||||||||||
Year Ended October 31, 2013 | 12.72 | 0.13 | 0.66 | 0.79 | (0.07 | ) | ||||||||||||||
Class I |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 14.93 | 0.10 | 0.14 | 0.24 | (0.30 | ) | ||||||||||||||
Year Ended October 31, 2017 | 11.68 | 0.26 | 3.15 | 3.41 | (0.16 | ) | ||||||||||||||
Year Ended October 31, 2016 | 11.06 | 0.18 | 0.47 | 0.65 | (0.03 | ) | ||||||||||||||
Year Ended October 31, 2015 | 13.17 | 0.18 | (f) | (2.06 | ) | (1.88 | ) | (0.23 | ) | |||||||||||
Year Ended October 31, 2014 | 13.67 | 0.26 | (0.58 | ) | (0.32 | ) | (0.18 | ) | ||||||||||||
Year Ended October 31, 2013 | 12.91 | 0.21 | 0.70 | 0.91 | (0.15 | ) | ||||||||||||||
Class R5 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 15.07 | 0.11 | 0.13 | 0.24 | (0.30 | ) | ||||||||||||||
Year Ended October 31, 2017 | 11.78 | 0.26 | 3.20 | 3.46 | (0.17 | ) | ||||||||||||||
Year Ended October 31, 2016 | 11.11 | 0.05 | 0.62 | 0.67 | — | |||||||||||||||
Year Ended October 31, 2015 | 13.22 | 0.20 | (f) | (2.06 | ) | (1.86 | ) | (0.25 | ) | |||||||||||
Year Ended October 31, 2014 | 13.71 | 0.29 | (0.58 | ) | (0.29 | ) | (0.20 | ) | ||||||||||||
Year Ended October 31, 2013 | 12.94 | 0.25 | 0.68 | 0.93 | (0.16 | ) | ||||||||||||||
Class R6 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 14.87 | 0.11 | 0.14 | 0.25 | (0.33 | ) | ||||||||||||||
Year Ended October 31, 2017 | 11.64 | 0.29 | 3.12 | 3.41 | (0.18 | ) | ||||||||||||||
Year Ended October 31, 2016 | 11.11 | 0.21 | 0.46 | 0.67 | (0.14 | ) | ||||||||||||||
September 1, 2015 (h) through October 31, 2015 | 10.46 | (0.02 | )(f) | 0.67 | 0.65 | — | ||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Amount rounds to less than $0.005. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 88 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 14.68 | 1.46 | % | $ | 159,665 | 1.14 | % | 0.99 | % | 1.52 | % | 26 | % | |||||||||||||
| 14.73 | 29.28 | 179,772 | 1.34 | 1.72 | 1.57 | 62 | ||||||||||||||||||||
| 11.55 | 5.62 | 148,331 | 1.42 | 1.42 | 1.70 | 72 | ||||||||||||||||||||
| 11.03 | (14.60 | ) | 43,220 | 1.58 | 1.06 | (f) | 1.99 | 118 | ||||||||||||||||||
| 13.13 | (2.56 | ) | 80,806 | 1.60 | 1.71 | 1.73 | 79 | |||||||||||||||||||
| 13.63 | 6.67 | 69,690 | 1.60 | 1.45 | 1.72 | 43 | ||||||||||||||||||||
| 14.58 | 1.16 | 2,857 | 1.64 | 0.50 | 2.05 | 26 | ||||||||||||||||||||
| 14.60 | 28.71 | 2,782 | 1.85 | 1.23 | 2.17 | 62 | ||||||||||||||||||||
| 11.41 | 5.11 | 2,448 | 1.96 | 0.82 | 2.37 | 72 | ||||||||||||||||||||
| 10.86 | (15.02 | ) | 3,614 | 2.09 | 0.80 | (f) | 2.36 | 118 | ||||||||||||||||||
| 12.92 | (3.12 | ) | 5,331 | 2.10 | 1.13 | 2.23 | 79 | |||||||||||||||||||
| 13.44 | 6.25 | 5,089 | 2.10 | 1.02 | 2.22 | 43 | ||||||||||||||||||||
| 14.87 | 1.60 | 64,309 | 0.89 | 1.27 | 1.27 | 26 | ||||||||||||||||||||
| 14.93 | 29.61 | 63,965 | 1.10 | 2.01 | 1.30 | 62 | ||||||||||||||||||||
| 11.68 | 5.93 | 53,509 | 1.21 | 1.67 | 1.40 | 72 | ||||||||||||||||||||
| 11.06 | (14.45 | ) | 239,866 | 1.34 | 1.51 | (f) | 1.46 | 118 | ||||||||||||||||||
| 13.17 | (2.35 | ) | 288,059 | 1.35 | 1.96 | 1.48 | 79 | |||||||||||||||||||
| 13.67 | 7.04 | 277,822 | 1.35 | 1.61 | 1.47 | 43 | ||||||||||||||||||||
| 15.01 | 1.59 | 353 | 0.79 | 1.37 | 1.13 | 26 | ||||||||||||||||||||
| 15.07 | 29.89 | 417 | 0.93 | 2.06 | 1.16 | 62 | ||||||||||||||||||||
| 11.78 | 6.03 | 1,602 | 1.08 | 0.49 | 1.25 | 72 | ||||||||||||||||||||
| 11.11 | (14.20 | ) | 81,516 | 1.14 | 1.65 | (f) | 1.25 | 118 | ||||||||||||||||||
| 13.22 | (2.12 | ) | 852,477 | 1.15 | 2.19 | 1.28 | 79 | |||||||||||||||||||
| 13.71 | 7.21 | 676,985 | 1.15 | 1.84 | 1.27 | 43 | ||||||||||||||||||||
| 14.79 | 1.68 | 1,857,607 | 0.69 | 1.44 | 1.01 | 26 | ||||||||||||||||||||
| 14.87 | 29.87 | 1,790,759 | 0.85 | 2.23 | 1.04 | 62 | ||||||||||||||||||||
| 11.64 | 6.16 | 1,573,822 | 0.94 | 1.99 | 1.09 | 72 | ||||||||||||||||||||
| 11.11 | 6.21 | 732,627 | 1.07 | (0.92 | )(f) | 1.17 | 118 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 89 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan Emerging Markets Equity Fund |
| |||||||||||||||||||
Class A |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | $ | 27.58 | $ | (0.03 | ) | $ | 0.82 | $ | 0.79 | $ | (0.04 | ) | ||||||||
Year Ended October 31, 2017 | 21.79 | 0.09 | 5.80 | 5.89 | (0.10 | ) | ||||||||||||||
Year Ended October 31, 2016 | 19.53 | 0.09 | 2.28 | 2.37 | (0.11 | ) | ||||||||||||||
Year Ended October 31, 2015 | 23.72 | 0.12 | (f) | (4.12 | ) | (4.00 | ) | (0.19 | ) | |||||||||||
Year Ended October 31, 2014 | 23.05 | 0.16 | (f) | 0.59 | 0.75 | (0.08 | ) | |||||||||||||
Year Ended October 31, 2013 | 22.01 | 0.10 | 1.02 | 1.12 | (0.08 | ) | ||||||||||||||
Class C |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 26.80 | (0.10 | ) | 0.79 | 0.69 | — | (g) | |||||||||||||
Year Ended October 31, 2017 | 21.18 | (0.04 | ) | 5.67 | 5.63 | (0.01 | ) | |||||||||||||
Year Ended October 31, 2016 | 18.96 | (0.01 | ) | 2.23 | 2.22 | — | ||||||||||||||
Year Ended October 31, 2015 | 23.03 | 0.03 | (f) | (4.02 | ) | (3.99 | ) | (0.08 | ) | |||||||||||
Year Ended October 31, 2014 | 22.41 | 0.05 | (f) | 0.57 | 0.62 | — | ||||||||||||||
Year Ended October 31, 2013 | 21.44 | (0.01 | ) | 0.99 | 0.98 | (0.01 | ) | |||||||||||||
Class I |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 28.29 | 0.01 | 0.83 | 0.84 | (0.12 | ) | ||||||||||||||
Year Ended October 31, 2017 | 22.33 | 0.16 | 5.94 | 6.10 | (0.14 | ) | ||||||||||||||
Year Ended October 31, 2016 | 19.98 | 0.13 | 2.35 | 2.48 | (0.13 | ) | ||||||||||||||
Year Ended October 31, 2015 | 24.24 | 0.19 | (f) | (4.21 | ) | (4.02 | ) | (0.24 | ) | |||||||||||
Year Ended October 31, 2014 | 23.47 | 0.18 | (f) | 0.64 | 0.82 | (0.05 | ) | |||||||||||||
Year Ended October 31, 2013 | 22.40 | 0.17 | 1.03 | 1.20 | (0.13 | ) | ||||||||||||||
Class L |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 28.49 | 0.03 | 0.83 | 0.86 | (0.13 | ) | ||||||||||||||
Year Ended October 31, 2017 | 22.49 | 0.21 | 5.96 | 6.17 | (0.17 | ) | ||||||||||||||
Year Ended October 31, 2016 | 20.15 | 0.17 | 2.35 | 2.52 | (0.18 | ) | ||||||||||||||
Year Ended October 31, 2015 | 24.42 | 0.23 | (f) | (4.26 | ) | (4.03 | ) | (0.24 | ) | |||||||||||
Year Ended October 31, 2014 | 23.73 | 0.17 | (f) | 0.70 | 0.87 | (0.18 | ) | |||||||||||||
Year Ended October 31, 2013 | 22.65 | 0.20 | 1.04 | 1.24 | (0.16 | ) | ||||||||||||||
Class R2 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 27.57 | (0.06 | ) | 0.80 | 0.74 | (0.08 | ) | |||||||||||||
July 31, 2017 (h) through October 31, 2017 | 26.40 | (0.01 | ) | 1.18 | 1.17 | — | ||||||||||||||
Class R3 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 27.59 | 0.01 | 0.77 | 0.78 | (0.11 | ) | ||||||||||||||
July 31, 2017 (h) through October 31, 2017 | 26.40 | 0.01 | 1.18 | 1.19 | — | |||||||||||||||
Class R4 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 28.28 | 0.02 | 0.81 | 0.83 | (0.13 | ) | ||||||||||||||
July 31, 2017 (h) through October 31, 2017 | 27.05 | 0.02 | 1.21 | 1.23 | — | |||||||||||||||
Class R5 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 28.47 | 0.07 | 0.79 | 0.86 | (0.15 | ) | ||||||||||||||
Year Ended October 31, 2017 | 22.49 | 0.15 | 6.01 | 6.16 | (0.18 | ) | ||||||||||||||
September 9, 2016 (h) through October 31, 2016 | 22.40 | 0.01 | 0.08 | 0.09 | — | |||||||||||||||
Class R6 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 28.46 | 0.04 | 0.83 | 0.87 | (0.16 | ) | ||||||||||||||
Year Ended October 31, 2017 | 22.46 | 0.21 | 5.98 | 6.19 | (0.19 | ) | ||||||||||||||
Year Ended October 31, 2016 | 20.13 | 0.19 | 2.35 | 2.54 | (0.21 | ) | ||||||||||||||
Year Ended October 31, 2015 | 24.44 | 0.22 | (f) | (4.23 | ) | (4.01 | ) | (0.30 | ) | |||||||||||
December 23, 2013 (h) through October 31, 2014 | 22.47 | 0.38 | (f) | 1.59 | 1.97 | — | ||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Amount rounds to less than $0.005. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 90 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 28.33 | 2.87 | % | $ | 507,374 | 1.23 | % | (0.20 | )% | 1.51 | % | 5 | % | |||||||||||||
| 27.58 | 27.22 | 525,451 | 1.35 | 0.36 | 1.58 | 22 | ||||||||||||||||||||
| 21.79 | 12.25 | 411,713 | 1.44 | 0.44 | 1.76 | 23 | ||||||||||||||||||||
| 19.53 | (16.95 | ) | 274,710 | 1.61 | 0.57 | (f) | 1.88 | 35 | ||||||||||||||||||
| 23.72 | 3.26 | 350,555 | 1.70 | 0.72 | (f) | 1.81 | 33 | |||||||||||||||||||
| 23.05 | 5.08 | 327,090 | 1.76 | 0.46 | 1.79 | 34 | ||||||||||||||||||||
| 27.49 | 2.58 | 58,183 | 1.73 | (0.68 | ) | 2.01 | 5 | |||||||||||||||||||
| 26.80 | 26.58 | 48,497 | 1.85 | (0.15 | ) | 2.09 | 22 | |||||||||||||||||||
| 21.18 | 11.71 | 39,568 | 1.95 | (0.06 | ) | 2.26 | 23 | |||||||||||||||||||
| 18.96 | (17.38 | ) | 43,387 | 2.10 | 0.13 | (f) | 2.33 | 35 | ||||||||||||||||||
| 23.03 | 2.77 | 56,732 | 2.20 | 0.22 | (f) | 2.31 | 33 | |||||||||||||||||||
| 22.41 | 4.56 | 56,119 | 2.26 | (0.06 | ) | 2.29 | 34 | |||||||||||||||||||
| 29.01 | 2.95 | 888,178 | 0.98 | 0.09 | 1.25 | 5 | ||||||||||||||||||||
| 28.29 | 27.54 | 629,451 | 1.10 | 0.62 | 1.30 | 22 | ||||||||||||||||||||
| 22.33 | 12.51 | 301,959 | 1.20 | 0.66 | 1.43 | 23 | ||||||||||||||||||||
| 19.98 | (16.70 | ) | 502,729 | 1.35 | 0.88 | (f) | 1.48 | 35 | ||||||||||||||||||
| 24.24 | 3.51 | 583,501 | 1.45 | 0.78 | (f) | 1.56 | 33 | |||||||||||||||||||
| 23.47 | 5.34 | 1,900,639 | 1.51 | 0.74 | 1.54 | 34 | ||||||||||||||||||||
| 29.22 | 3.02 | 541,498 | 0.89 | 0.17 | 1.10 | 5 | ||||||||||||||||||||
| 28.49 | 27.72 | 430,860 | 0.95 | 0.84 | 1.14 | 22 | ||||||||||||||||||||
| 22.49 | 12.71 | 390,647 | 1.04 | 0.84 | 1.22 | 23 | ||||||||||||||||||||
| 20.15 | (16.60 | ) | 316,635 | 1.21 | 1.05 | (f) | 1.31 | 35 | ||||||||||||||||||
| 24.42 | 3.72 | 411,449 | 1.30 | 0.72 | (f) | 1.40 | 33 | |||||||||||||||||||
| 23.73 | 5.47 | 1,123,600 | 1.36 | 0.88 | 1.39 | 34 | ||||||||||||||||||||
| 28.23 | 2.67 | 45 | 1.53 | (0.41 | ) | 1.79 | 5 | |||||||||||||||||||
| 27.57 | 4.43 | 21 | 1.60 | (0.17 | ) | 1.80 | 22 | |||||||||||||||||||
| 28.26 | 2.81 | 389 | 1.28 | 0.06 | 1.50 | 5 | ||||||||||||||||||||
| 27.59 | 4.51 | 21 | 1.35 | 0.08 | 1.55 | 22 | ||||||||||||||||||||
| 28.98 | 2.95 | 21 | 1.04 | 0.17 | 1.27 | 5 | ||||||||||||||||||||
| 28.28 | 4.55 | 21 | 1.10 | 0.33 | 1.30 | 22 | ||||||||||||||||||||
| 29.18 | 3.03 | 2,343 | 0.88 | 0.44 | 1.11 | 5 | ||||||||||||||||||||
| 28.47 | 27.72 | 217 | 0.95 | 0.58 | 3.36 | 22 | ||||||||||||||||||||
| 22.49 | 0.40 | 20 | 0.90 | 0.28 | 1.08 | 23 | ||||||||||||||||||||
| 29.17 | 3.07 | 3,090,390 | 0.78 | 0.26 | 1.00 | 5 | ||||||||||||||||||||
| 28.46 | 27.87 | 2,813,349 | 0.85 | 0.85 | 1.01 | 22 | ||||||||||||||||||||
| 22.46 | 12.83 | 1,980,671 | 0.94 | 0.96 | 1.08 | 23 | ||||||||||||||||||||
| 20.13 | (16.54 | ) | 1,128,390 | 1.10 | 0.99 | (f) | 1.16 | 35 | ||||||||||||||||||
| 24.44 | 8.77 | 1,130,050 | 1.20 | 1.85 | (f) | 1.33 | 33 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 91 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Global Research Enhanced Index Fund |
| |||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | $ | 22.16 | $ | 0.21 | $ | 0.38 | $ | 0.59 | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | ||||||||||||
Year Ended October 31, 2017 | 18.37 | 0.39 | 3.82 | 4.21 | (0.42 | ) | — | (0.42 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 18.56 | 0.39 | (0.24 | ) | 0.15 | (0.34 | ) | — | (0.34 | ) | ||||||||||||||||||
Year Ended October 31, 2015 | 18.81 | 0.39 | (0.12 | ) | 0.27 | (0.27 | ) | (0.25 | ) | (0.52 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 17.37 | 0.39 | 1.33 | 1.72 | (0.18 | ) | (0.10 | ) | (0.28 | ) | ||||||||||||||||||
February 28, 2013 (f) through October 31, 2013 | 15.00 | 0.19 | 2.18 | 2.37 | — | — | — | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
November 1, 2017(i) through April 30, 2018 (Unaudited) | 22.19 | 0.22 | 0.36 | 0.58 | (0.45 | ) | — | (0.45 | ) | |||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of operations. |
| (g) | Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013. |
| (h) | Ratios are disproportionate among classes due to the size of net assets and fixed expenses, |
| (i) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 92 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 22.55 | 2.68 | % | $ | 470,695 | 0.34 | % | 1.85 | % | 0.55 | % | 25 | % | |||||||||||||
| 22.16 | 23.29 | 8,663,460 | 0.34 | 1.93 | 0.55 | 33 | ||||||||||||||||||||
| 18.37 | 0.91 | 6,907,246 | 0.34 | 2.19 | 0.55 | 35 | ||||||||||||||||||||
| 18.56 | 1.51 | 7,415,218 | 0.33 | 2.06 | 0.56 | 44 | ||||||||||||||||||||
| 18.81 | 10.09 | 3,577,523 | 0.33 | 2.16 | 0.56 | 40 | ||||||||||||||||||||
| 17.37 | 15.80 | 1,895,025 | 0.33 | (g) | 1.73 | (g) | 0.60 | (g)(h) | 25 | |||||||||||||||||
| 22.32 | 2.60 | 7,846,362 | 0.25 | 1.94 | 0.30 | 25 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 93 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Return of capital | Total distributions | |||||||||||||||||||||||||
JPMorgan Global Unconstrained Equity Fund |
| |||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | $ | 17.14 | $ | 0.04 | (e) | $ | 0.40 | $ | 0.44 | $ | (0.13 | ) | $ | (0.65 | ) | $ | — | $ | (0.78 | ) | ||||||||||||
Year Ended October 31, 2017 | 14.12 | 0.15 | (e) | 2.87 | 3.02 | — | — | — | — | |||||||||||||||||||||||
Year Ended October 31, 2016 | 16.12 | 0.27 | (e) | (0.88 | ) | (0.61 | ) | (0.30 | ) | (0.27 | ) | (0.82 | ) | (1.39 | ) | |||||||||||||||||
Year Ended October 31, 2015 | 19.55 | 0.11 | (e) | 0.66 | 0.77 | (0.31 | ) | (3.89 | ) | — | (4.20 | ) | ||||||||||||||||||||
Year Ended October 31, 2014 | 20.11 | 0.23 | 1.17 | 1.40 | (0.17 | ) | (1.79 | ) | — | (1.96 | ) | |||||||||||||||||||||
Year Ended October 31, 2013 | 16.73 | 0.24 | 3.77 | 4.01 | (0.22 | ) | (0.41 | ) | — | (0.63 | ) | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 16.93 | — | (e)(g) | 0.40 | 0.40 | (0.10 | ) | (0.65 | ) | — | (0.75 | ) | ||||||||||||||||||||
Year Ended October 31, 2017 | 14.02 | 0.07 | (e) | 2.84 | 2.91 | — | — | — | — | |||||||||||||||||||||||
Year Ended October 31, 2016 | 16.01 | 0.11 | (e) | (0.79 | ) | (0.68 | ) | (0.22 | ) | (0.27 | ) | (0.82 | ) | (1.31 | ) | |||||||||||||||||
Year Ended October 31, 2015 | 19.43 | 0.04 | (e) | 0.64 | 0.68 | (0.21 | ) | (3.89 | ) | — | (4.10 | ) | ||||||||||||||||||||
Year Ended October 31, 2014 | 20.01 | 0.14 | 1.16 | 1.30 | (0.09 | ) | (1.79 | ) | — | (1.88 | ) | |||||||||||||||||||||
Year Ended October 31, 2013 | 16.65 | 0.16 | 3.76 | 3.92 | (0.15 | ) | (0.41 | ) | — | (0.56 | ) | |||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 17.30 | 0.07 | (e) | 0.41 | 0.48 | (0.18 | ) | (0.65 | ) | — | (0.83 | ) | ||||||||||||||||||||
Year Ended October 31, 2017 | 14.23 | 0.20 | (e) | 2.91 | 3.11 | (0.04 | ) | — | — | (0.04 | ) | |||||||||||||||||||||
Year Ended October 31, 2016 | 16.18 | 0.26 | (e) | (0.83 | ) | (0.57 | ) | (0.29 | ) | (0.27 | ) | (0.82 | ) | (1.38 | ) | |||||||||||||||||
Year Ended October 31, 2015 | 19.60 | 0.19 | (e) | 0.64 | 0.83 | (0.36 | ) | (3.89 | ) | — | (4.25 | ) | ||||||||||||||||||||
Year Ended October 31, 2014 | 20.15 | 0.27 | 1.19 | 1.46 | (0.22 | ) | (1.79 | ) | — | (2.01 | ) | |||||||||||||||||||||
Year Ended October 31, 2013 | 16.76 | 0.29 | 3.77 | 4.06 | (0.26 | ) | (0.41 | ) | — | (0.67 | ) | |||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 17.24 | 0.02 | (e) | 0.40 | 0.42 | (0.07 | ) | (0.65 | ) | — | (0.72 | ) | ||||||||||||||||||||
Year Ended October 31, 2017 | 14.24 | 0.11 | (e) | 2.89 | 3.00 | — | — | — | — | |||||||||||||||||||||||
Year Ended October 31, 2016 | 16.11 | 0.14 | (e) | (0.79 | ) | (0.65 | ) | (0.13 | ) | (0.27 | ) | (0.82 | ) | (1.22 | ) | |||||||||||||||||
Year Ended October 31, 2015 | 19.49 | 0.08 | (e) | 0.65 | 0.73 | (0.22 | ) | (3.89 | ) | — | (4.11 | ) | ||||||||||||||||||||
Year Ended October 31, 2014 | 20.06 | 0.18 | 1.17 | 1.35 | (0.13 | ) | (1.79 | ) | — | (1.92 | ) | |||||||||||||||||||||
Year Ended October 31, 2013 | 16.69 | 0.20 | 3.77 | 3.97 | (0.19 | ) | (0.41 | ) | — | (0.60 | ) | |||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 17.25 | 0.08 | (e) | 0.41 | 0.49 | (0.19 | ) | (0.65 | ) | — | (0.84 | ) | ||||||||||||||||||||
Year Ended October 31, 2017 | 14.24 | 0.22 | (e) | 2.89 | 3.11 | (0.10 | ) | — | — | (0.10 | ) | |||||||||||||||||||||
Year Ended October 31, 2016 | 16.21 | 0.24 | (e) | (0.80 | ) | (0.56 | ) | (0.32 | ) | (0.27 | ) | (0.82 | ) | (1.41 | ) | |||||||||||||||||
Year Ended October 31, 2015 | 19.65 | 0.21 | (e) | 0.64 | 0.85 | (0.40 | ) | (3.89 | ) | — | (4.29 | ) | ||||||||||||||||||||
Year Ended October 31, 2014 | 20.19 | 0.31 | 1.19 | 1.50 | (0.25 | ) | (1.79 | ) | — | (2.04 | ) | |||||||||||||||||||||
Year Ended October 31, 2013 | 16.79 | 0.32 | 3.79 | 4.11 | (0.30 | ) | (0.41 | ) | — | (0.71 | ) | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 17.24 | 0.08 | (e) | 0.42 | 0.50 | (0.20 | ) | (0.65 | ) | — | (0.85 | ) | ||||||||||||||||||||
Year Ended October 31, 2017 | 14.23 | 0.23 | (e) | 2.88 | 3.11 | (0.10 | ) | — | — | (0.10 | ) | |||||||||||||||||||||
Year Ended October 31, 2016 | 16.22 | 0.25 | (e) | (0.80 | ) | (0.55 | ) | (0.35 | ) | (0.27 | ) | (0.82 | ) | (1.44 | ) | |||||||||||||||||
Year Ended October 31, 2015 | 19.66 | 0.21 | (e) | 0.66 | 0.87 | (0.42 | ) | (3.89 | ) | — | (4.31 | ) | ||||||||||||||||||||
Year Ended October 31, 2014 | 20.20 | 0.32 | 1.19 | 1.51 | (0.26 | ) | (1.79 | ) | — | (2.05 | ) | |||||||||||||||||||||
Year Ended October 31, 2013 | 16.80 | 0.33 | 3.78 | 4.11 | (0.30 | ) | (0.41 | ) | — | (0.71 | ) | |||||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (d) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (e) | Calculated based upon average shares outstanding. |
| (f) | Certain non-recurring expenses incurred by the Fund were not annualized for the year ended October 31, 2013. |
| (g) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 94 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (b) | ||||||||||||||||||||
| $ | 16.80 | 2.61 | % | $ | 1,760 | 0.75 | % | 0.52 | % | 6.46 | % | 37 | % | |||||||||||||
| 17.14 | 21.39 | 1,171 | 0.74 | 0.93 | 11.79 | 105 | ||||||||||||||||||||
| 14.12 | (3.53 | ) | 417 | 0.74 | 1.95 | 1.90 | 1,256 | |||||||||||||||||||
| 16.12 | 4.76 | 244 | 1.00 | 0.67 | 7.57 | 132 | ||||||||||||||||||||
| 19.55 | 7.83 | 75 | 1.35 | 1.27 | 4.32 | 97 | ||||||||||||||||||||
| 20.11 | 24.74 | 70 | 1.35 | (f) | 1.37 | (f) | 5.36 | (f) | 71 | |||||||||||||||||
| 16.58 | 2.37 | 571 | 1.25 | (0.05 | ) | 7.10 | 37 | |||||||||||||||||||
| 16.93 | 20.76 | 386 | 1.24 | 0.45 | 13.04 | 105 | ||||||||||||||||||||
| 14.02 | (4.02 | ) | 210 | 1.17 | 0.78 | 11.83 | 1,256 | |||||||||||||||||||
| 16.01 | 4.26 | 317 | 1.48 | 0.21 | 9.92 | 132 | ||||||||||||||||||||
| 19.43 | 7.28 | 74 | 1.85 | 0.77 | 4.82 | 97 | ||||||||||||||||||||
| 20.01 | 24.16 | 69 | 1.85 | (f) | 0.87 | (f) | 5.85 | (f) | 71 | |||||||||||||||||
| 16.95 | 2.79 | 2,662 | 0.40 | 0.86 | 6.26 | 37 | ||||||||||||||||||||
| 17.30 | 21.88 | 1,827 | 0.40 | 1.25 | 11.90 | 105 | ||||||||||||||||||||
| 14.23 | (3.23 | ) | 991 | 0.36 | 1.86 | 5.37 | 1,256 | |||||||||||||||||||
| 16.18 | 5.13 | 1,020 | 0.88 | 1.06 | 7.34 | 132 | ||||||||||||||||||||
| 19.60 | 8.11 | 4,156 | 1.10 | 1.52 | 4.06 | 97 | ||||||||||||||||||||
| 20.15 | 25.04 | 3,844 | 1.10 | (f) | 1.62 | (f) | 5.10 | (f) | 71 | |||||||||||||||||
| 16.94 | 2.47 | 21 | 1.00 | 0.20 | 7.31 | 37 | ||||||||||||||||||||
| 17.24 | 21.07 | 22 | 1.00 | 0.69 | 13.20 | 105 | ||||||||||||||||||||
| 14.24 | (3.79 | ) | 18 | 0.92 | 1.00 | 13.46 | 1,256 | |||||||||||||||||||
| 16.11 | 4.55 | 20 | 1.46 | 0.45 | 8.67 | 132 | ||||||||||||||||||||
| 19.49 | 7.55 | 75 | 1.60 | 1.02 | 4.56 | 97 | ||||||||||||||||||||
| 20.06 | 24.45 | 69 | 1.60 | (f) | 1.12 | (f) | 5.60 | (f) | 71 | |||||||||||||||||
| 16.90 | 2.86 | 21 | 0.30 | 0.90 | 6.67 | 37 | ||||||||||||||||||||
| 17.25 | 21.91 | 21 | 0.30 | 1.39 | 12.47 | 105 | ||||||||||||||||||||
| 14.24 | (3.12 | ) | 18 | 0.22 | 1.70 | 12.77 | 1,256 | |||||||||||||||||||
| 16.21 | 5.26 | 20 | 0.76 | 1.15 | 7.97 | 132 | ||||||||||||||||||||
| 19.65 | 8.34 | 76 | 0.90 | 1.72 | 3.86 | 97 | ||||||||||||||||||||
| 20.19 | 25.29 | 70 | 0.90 | (f) | 1.82 | (f) | 4.89 | (f) | 71 | |||||||||||||||||
| 16.89 | 2.91 | 129 | 0.25 | 0.96 | 6.30 | 37 | ||||||||||||||||||||
| 17.24 | 21.99 | 122 | 0.25 | 1.37 | 9.95 | 105 | ||||||||||||||||||||
| 14.23 | (3.10 | ) | 18 | 0.17 | 1.75 | 12.75 | 1,256 | |||||||||||||||||||
| 16.22 | 5.34 | 20 | 0.71 | 1.20 | 7.91 | 132 | ||||||||||||||||||||
| 19.66 | 8.39 | 76 | 0.85 | 1.77 | 3.81 | 97 | ||||||||||||||||||||
| 20.20 | 25.33 | 70 | 0.85 | (f) | 1.87 | (f) | 4.85 | (f) | 71 | |||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 95 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan International Equity Fund |
| |||||||||||||||||||
Class A |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | $ | 17.81 | $ | 0.11 | $ | 0.30 | $ | 0.41 | $ | (0.25 | ) | |||||||||
Year Ended October 31, 2017 | 14.24 | 0.22 | 3.39 | 3.61 | (0.04 | ) | ||||||||||||||
Year Ended October 31, 2016 | 14.75 | 0.22 | (0.51 | ) | (0.29 | ) | (0.22 | ) | ||||||||||||
Year Ended October 31, 2015 | 15.25 | 0.23 | (0.50 | ) | (0.27 | ) | (0.23 | ) | ||||||||||||
Year Ended October 31, 2014 | 15.92 | 0.37 | (f) | (0.68 | ) | (0.31 | ) | (0.36 | ) | |||||||||||
Year Ended October 31, 2013 | 13.36 | 0.20 | 2.56 | 2.76 | (0.20 | ) | ||||||||||||||
Class C |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 16.83 | 0.07 | 0.27 | 0.34 | (0.17 | ) | ||||||||||||||
Year Ended October 31, 2017 | 13.50 | 0.12 | 3.22 | 3.34 | (0.01 | ) | ||||||||||||||
Year Ended October 31, 2016 | 14.02 | 0.13 | (0.47 | ) | (0.34 | ) | (0.18 | ) | ||||||||||||
Year Ended October 31, 2015 | 14.52 | 0.15 | (0.48 | ) | (0.33 | ) | (0.17 | ) | ||||||||||||
Year Ended October 31, 2014 | 15.20 | 0.26 | (f) | (0.64 | ) | (0.38 | ) | (0.30 | ) | |||||||||||
Year Ended October 31, 2013 | 12.78 | 0.12 | 2.45 | 2.57 | (0.15 | ) | ||||||||||||||
Class I |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 18.09 | 0.15 | 0.29 | 0.44 | (0.28 | ) | ||||||||||||||
Year Ended October 31, 2017 | 14.45 | 0.26 | 3.44 | 3.70 | (0.06 | ) | ||||||||||||||
Year Ended October 31, 2016 | 14.95 | 0.24 | (0.48 | ) | (0.24 | ) | (0.26 | ) | ||||||||||||
Year Ended October 31, 2015 | 15.45 | 0.29 | (0.53 | ) | (0.24 | ) | (0.26 | ) | ||||||||||||
Year Ended October 31, 2014 | 16.13 | 0.39 | (f) | (0.67 | ) | (0.28 | ) | (0.40 | ) | |||||||||||
Year Ended October 31, 2013 | 13.52 | 0.23 | 2.61 | 2.84 | (0.23 | ) | ||||||||||||||
Class R2 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 17.70 | 0.09 | 0.28 | 0.37 | (0.22 | ) | ||||||||||||||
Year Ended October 31, 2017 | 14.17 | 0.17 | 3.38 | 3.55 | (0.02 | ) | ||||||||||||||
Year Ended October 31, 2016 | 14.69 | 0.18 | (0.50 | ) | (0.32 | ) | (0.20 | ) | ||||||||||||
Year Ended October 31, 2015 | 15.19 | 0.20 | (0.51 | ) | (0.31 | ) | (0.19 | ) | ||||||||||||
Year Ended October 31, 2014 | 15.87 | 0.30 | (f) | (0.65 | ) | (0.35 | ) | (0.33 | ) | |||||||||||
Year Ended October 31, 2013 | 13.31 | 0.11 | 2.61 | 2.72 | (0.16 | ) | ||||||||||||||
Class R5 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 18.13 | 0.15 | 0.29 | 0.44 | (0.29 | ) | ||||||||||||||
Year Ended October 31, 2017 | 14.47 | 0.21 | 3.52 | 3.73 | (0.07 | ) | ||||||||||||||
Year Ended October 31, 2016 | 14.97 | 0.27 | (0.49 | ) | (0.22 | ) | (0.28 | ) | ||||||||||||
Year Ended October 31, 2015 | 15.46 | 0.29 | (0.49 | ) | (0.20 | ) | (0.29 | ) | ||||||||||||
Year Ended October 31, 2014 | 16.13 | 0.44 | (f) | (0.69 | ) | (0.25 | ) | (0.42 | ) | |||||||||||
Year Ended October 31, 2013 | 13.52 | 0.27 | 2.60 | 2.87 | (0.26 | ) | ||||||||||||||
Class R6 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 18.13 | 0.16 | 0.30 | 0.46 | (0.31 | ) | ||||||||||||||
Year Ended October 31, 2017 | 14.46 | 0.29 | 3.46 | 3.75 | (0.08 | ) | ||||||||||||||
Year Ended October 31, 2016 | 14.97 | 0.29 | (0.51 | ) | (0.22 | ) | (0.29 | ) | ||||||||||||
Year Ended October 31, 2015 | 15.46 | 0.32 | (0.52 | ) | (0.20 | ) | (0.29 | ) | ||||||||||||
Year Ended October 31, 2014 | 16.13 | 0.45 | (f) | (0.69 | ) | (0.24 | ) | (0.43 | ) | |||||||||||
Year Ended October 31, 2013 | 13.52 | 0.28 | 2.59 | 2.87 | (0.26 | ) | ||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.32, $0.21, $0.34, $0.25, $0.39 and $0.40 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and the net investment income (loss) ratio would have been 2.01%, 1.40%, 2.08%, 1.59%, 2.40% and 2.48% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 96 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 17.97 | 2.30 | % | $ | 271,112 | 0.94 | % | 1.23 | % | 1.31 | % | 17 | % | |||||||||||||
| 17.81 | 25.43 | 302,130 | 1.23 | 1.39 | 1.35 | 17 | ||||||||||||||||||||
| 14.24 | (1.83 | ) | 216,932 | 1.31 | 1.62 | 1.49 | 11 | |||||||||||||||||||
| 14.75 | (1.89 | ) | 224,370 | 1.31 | 1.50 | 1.59 | 13 | |||||||||||||||||||
| 15.25 | (2.06 | ) | 186,242 | 1.31 | 2.34 | (f) | 1.45 | 6 | ||||||||||||||||||
| 15.92 | 20.85 | 188,590 | 1.30 | 1.33 | 1.47 | 8 | ||||||||||||||||||||
| 17.00 | 2.04 | 23,757 | 1.45 | 0.80 | 1.83 | 17 | ||||||||||||||||||||
| 16.83 | 24.79 | 24,281 | 1.74 | 0.83 | 1.88 | 17 | ||||||||||||||||||||
| 13.50 | (2.31 | ) | 22,235 | 1.81 | 0.97 | 2.06 | 11 | |||||||||||||||||||
| 14.02 | (2.36 | ) | 28,313 | 1.81 | 1.02 | 2.05 | 13 | |||||||||||||||||||
| 14.52 | (2.59 | ) | 26,299 | 1.81 | 1.73 | (f) | 1.95 | 6 | ||||||||||||||||||
| 15.20 | 20.25 | 23,655 | 1.80 | 0.83 | 1.97 | 8 | ||||||||||||||||||||
| 18.25 | 2.44 | 190,224 | 0.70 | 1.66 | 1.06 | 17 | ||||||||||||||||||||
| 18.09 | 25.69 | 139,715 | 0.99 | 1.59 | 1.10 | 17 | ||||||||||||||||||||
| 14.45 | (1.50 | ) | 94,362 | 1.06 | 1.69 | 1.24 | 11 | |||||||||||||||||||
| 14.95 | (1.66 | ) | 522,402 | 1.06 | 1.84 | 1.19 | 13 | |||||||||||||||||||
| 15.45 | (1.88 | ) | 494,344 | 1.06 | 2.41 | (f) | 1.20 | 6 | ||||||||||||||||||
| 16.13 | 21.23 | 434,316 | 1.05 | 1.51 | 1.22 | 8 | ||||||||||||||||||||
| 17.85 | 2.11 | 2,158 | 1.25 | 0.97 | 1.57 | 17 | ||||||||||||||||||||
| 17.70 | 25.12 | 2,096 | 1.49 | 1.07 | 1.71 | 17 | ||||||||||||||||||||
| 14.17 | (2.08 | ) | 1,461 | 1.56 | 1.28 | 1.95 | 11 | |||||||||||||||||||
| 14.69 | (2.14 | ) | 1,203 | 1.56 | 1.28 | 1.92 | 13 | |||||||||||||||||||
| 15.19 | (2.33 | ) | 1,405 | 1.56 | 1.92 | (f) | 1.70 | 6 | ||||||||||||||||||
| 15.87 | 20.58 | 1,230 | 1.55 | 0.78 | 1.72 | 8 | ||||||||||||||||||||
| 18.28 | 2.46 | 22,549 | 0.60 | 1.64 | 0.91 | 17 | ||||||||||||||||||||
| 18.13 | 25.88 | 21,891 | 0.84 | 1.36 | 0.93 | 17 | ||||||||||||||||||||
| 14.47 | (1.34 | ) | 58,836 | 0.86 | 1.93 | 1.02 | 11 | |||||||||||||||||||
| 14.97 | (1.42 | ) | 57,500 | 0.86 | 1.88 | 1.06 | 13 | |||||||||||||||||||
| 15.46 | (1.65 | ) | 95,749 | 0.86 | 2.73 | (f) | 1.00 | 6 | ||||||||||||||||||
| 16.13 | 21.42 | 106,963 | 0.85 | 1.79 | 1.02 | 8 | ||||||||||||||||||||
| 18.28 | 2.53 | 4,028,552 | 0.50 | 1.78 | 0.81 | 17 | ||||||||||||||||||||
| 18.13 | 26.04 | 3,516,978 | 0.74 | 1.84 | 0.81 | 17 | ||||||||||||||||||||
| 14.46 | (1.36 | ) | 3,030,640 | 0.81 | 2.05 | 0.91 | 11 | |||||||||||||||||||
| 14.97 | (1.37 | ) | 2,088,835 | 0.80 | 2.03 | 0.91 | 13 | |||||||||||||||||||
| 15.46 | (1.60 | ) | 1,681,788 | 0.81 | 2.81 | (f) | 0.95 | 6 | ||||||||||||||||||
| 16.13 | 21.47 | 1,248,489 | 0.80 | 1.85 | 0.97 | 8 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 97 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan International Equity Income Fund |
| |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | $ | 16.50 | $ | 0.25 | $ | 0.34 | $ | 0.59 | $ | (0.28 | ) | $ | — | $ | (0.28 | ) | ||||||||||||
Year Ended October 31, 2017 | 14.38 | 0.42 | 2.16 | 2.58 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 15.66 | 0.45 | (f) | (1.01 | ) | (0.56 | ) | (0.46 | ) | (0.26 | ) | (0.72 | ) | |||||||||||||||
Year Ended October 31, 2015 | 16.41 | 0.39 | (f) | (0.33 | ) | 0.06 | (0.65 | ) | (0.16 | ) | (0.81 | ) | ||||||||||||||||
Year Ended October 31, 2014 | 16.67 | 0.91 | (g) | (0.38 | ) | 0.53 | (0.66 | ) | (0.13 | ) | (0.79 | ) | ||||||||||||||||
Year Ended October 31, 2013 | 14.12 | 0.43 | 2.55 | 2.98 | (0.41 | ) | (0.02 | ) | (0.43 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 16.38 | 0.21 | 0.33 | 0.54 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||
Year Ended October 31, 2017 | 14.30 | 0.34 | 2.15 | 2.49 | (0.41 | ) | — | (0.41 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 15.59 | 0.38 | (f) | (1.01 | ) | (0.63 | ) | (0.40 | ) | (0.26 | ) | (0.66 | ) | |||||||||||||||
Year Ended October 31, 2015 | 16.36 | 0.39 | (f) | (0.42 | ) | (0.03 | ) | (0.58 | ) | (0.16 | ) | (0.74 | ) | |||||||||||||||
Year Ended October 31, 2014 | 16.63 | 0.84 | (g) | (0.40 | ) | 0.44 | (0.58 | ) | (0.13 | ) | (0.71 | ) | ||||||||||||||||
Year Ended October 31, 2013 | 14.11 | 0.34 | 2.55 | 2.89 | (0.35 | ) | (0.02 | ) | (0.37 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 16.55 | 0.26 | 0.35 | 0.61 | (0.30 | ) | — | (0.30 | ) | |||||||||||||||||||
Year Ended October 31, 2017 | 14.41 | 0.50 | 2.14 | 2.64 | (0.50 | ) | — | (0.50 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 15.70 | 0.46 | (f) | (0.98 | ) | (0.52 | ) | (0.51 | ) | (0.26 | ) | (0.77 | ) | |||||||||||||||
Year Ended October 31, 2015 | 16.45 | 0.49 | (f) | (0.37 | ) | 0.12 | (0.71 | ) | (0.16 | ) | (0.87 | ) | ||||||||||||||||
Year Ended October 31, 2014 | 16.71 | 0.96 | (g) | (0.40 | ) | 0.56 | (0.69 | ) | (0.13 | ) | (0.82 | ) | ||||||||||||||||
Year Ended October 31, 2013 | 14.14 | 0.47 | 2.55 | 3.02 | (0.43 | ) | (0.02 | ) | (0.45 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 16.47 | 0.22 | 0.34 | 0.56 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||
Year Ended October 31, 2017 | 14.36 | 0.41 | 2.13 | 2.54 | (0.43 | ) | — | (0.43 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 15.65 | 0.39 | (f) | (0.98 | ) | (0.59 | ) | (0.44 | ) | (0.26 | ) | (0.70 | ) | |||||||||||||||
Year Ended October 31, 2015 | 16.41 | 0.61 | (f) | (0.60 | ) | 0.01 | (0.61 | ) | (0.16 | ) | (0.77 | ) | ||||||||||||||||
Year Ended October 31, 2014 | 16.67 | 0.87 | (g) | (0.39 | ) | 0.48 | (0.61 | ) | (0.13 | ) | (0.74 | ) | ||||||||||||||||
Year Ended October 31, 2013 | 14.12 | 0.40 | 2.54 | 2.94 | (0.37 | ) | (0.02 | ) | (0.39 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 16.57 | 0.18 | 0.43 | 0.61 | (0.31 | ) | — | (0.31 | ) | |||||||||||||||||||
Year Ended October 31, 2017 | 14.42 | 0.55 | 2.12 | 2.67 | (0.52 | ) | — | (0.52 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 15.70 | 0.49 | (f) | (0.98 | ) | (0.49 | ) | (0.53 | ) | (0.26 | ) | (0.79 | ) | |||||||||||||||
Year Ended October 31, 2015 | 16.46 | 0.76 | (f) | (0.63 | ) | 0.13 | (0.73 | ) | (0.16 | ) | (0.89 | ) | ||||||||||||||||
Year Ended October 31, 2014 | 16.72 | 0.99 | (g) | (0.39 | ) | 0.60 | (0.73 | ) | (0.13 | ) | (0.86 | ) | ||||||||||||||||
Year Ended October 31, 2013 | 14.15 | 0.51 | 2.54 | 3.05 | (0.46 | ) | (0.02 | ) | (0.48 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 16.55 | 0.29 | 0.34 | 0.63 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||
Year Ended October 31, 2017 | 14.41 | 0.16 | 2.50 | 2.66 | (0.52 | ) | — | (0.52 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 15.69 | 0.51 | (f) | (0.99 | ) | (0.48 | ) | (0.54 | ) | (0.26 | ) | (0.80 | ) | |||||||||||||||
January 30, 2015 (h) through October 31, 2015 | 15.82 | 0.69 | (f) | (0.41 | ) | 0.28 | (0.41 | ) | — | (0.41 | ) | |||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.66, $0.59, $0.71, $0.62 and $0.74 for Class A, Class C, Class I, Class R2 and Class R5, respectively, and the net investment income (loss) ratio would have been 3.94%, 3.53%, 4.25%, 3.74% and 4.44% for Class A, Class C, Class I, Class R2 and Class R5, respectively. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 98 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 16.81 | 3.58 | % | $ | 85,864 | 0.95 | % | 2.95 | % | 1.42 | % | 56 | % | |||||||||||||
| 16.50 | 18.24 | 84,553 | 1.25 | 2.70 | 1.52 | 64 | ||||||||||||||||||||
| 14.38 | (3.60 | ) | 66,722 | 1.24 | 3.06 | (f) | 1.57 | 162 | ||||||||||||||||||
| 15.66 | 0.29 | 66,499 | 1.25 | 2.42 | (f) | 1.67 | 238 | |||||||||||||||||||
| 16.41 | 3.18 | 74,652 | 1.25 | 5.44 | (g) | 1.67 | 138 | |||||||||||||||||||
| 16.67 | 21.40 | 49,118 | 1.24 | 2.77 | 1.82 | 63 | ||||||||||||||||||||
| 16.69 | 3.33 | 14,612 | 1.45 | 2.47 | 1.94 | 56 | ||||||||||||||||||||
| 16.38 | 17.64 | 13,679 | 1.74 | 2.24 | 2.04 | 64 | ||||||||||||||||||||
| 14.30 | (4.09 | ) | 11,754 | 1.75 | 2.59 | (f) | 2.12 | 162 | ||||||||||||||||||
| 15.59 | (0.23 | ) | 8,649 | 1.75 | 2.45 | (f) | 2.20 | 238 | ||||||||||||||||||
| 16.36 | 2.67 | 3,530 | 1.75 | 5.03 | (g) | 2.17 | 138 | |||||||||||||||||||
| 16.63 | 20.74 | 1,957 | 1.74 | 2.16 | 2.32 | 63 | ||||||||||||||||||||
| 16.86 | 3.73 | 84,406 | 0.70 | 3.11 | 1.18 | 56 | ||||||||||||||||||||
| 16.55 | 18.65 | 86,550 | 0.90 | 3.21 | 1.27 | 64 | ||||||||||||||||||||
| 14.41 | (3.31 | ) | 54,642 | 0.89 | 3.13 | (f) | 1.31 | 162 | ||||||||||||||||||
| 15.70 | 0.66 | 35,177 | 0.91 | 3.00 | (f) | 1.41 | 238 | |||||||||||||||||||
| 16.45 | 3.39 | 34,719 | 1.00 | 5.75 | (g) | 1.42 | 138 | |||||||||||||||||||
| 16.71 | 21.73 | 55,485 | 0.99 | 3.04 | 1.59 | 63 | ||||||||||||||||||||
| 16.78 | 3.40 | 291 | 1.25 | 2.65 | 1.79 | 56 | ||||||||||||||||||||
| 16.47 | 17.99 | 322 | 1.49 | 2.65 | 1.97 | 64 | ||||||||||||||||||||
| 14.36 | (3.84 | ) | 316 | 1.49 | 2.66 | (f) | 2.39 | 162 | ||||||||||||||||||
| 15.65 | (0.01 | ) | 52 | 1.50 | 3.74 | (f) | 1.89 | 238 | ||||||||||||||||||
| 16.41 | 2.90 | 574 | 1.50 | 5.24 | (g) | 1.92 | 138 | |||||||||||||||||||
| 16.67 | 21.12 | 558 | 1.49 | 2.60 | 2.11 | 63 | ||||||||||||||||||||
| 16.87 | 3.71 | 178 | 0.60 | 2.15 | 1.08 | 56 | ||||||||||||||||||||
| 16.57 | 18.81 | 1,297 | 0.80 | 3.52 | 1.11 | 64 | ||||||||||||||||||||
| 14.42 | (3.14 | ) | 700 | 0.79 | 3.33 | (f) | 1.29 | 162 | ||||||||||||||||||
| 15.70 | 0.71 | 19 | 0.80 | 4.59 | (f) | 1.16 | 238 | |||||||||||||||||||
| 16.46 | 3.60 | 587 | 0.80 | 5.94 | (g) | 1.22 | 138 | |||||||||||||||||||
| 16.72 | 21.94 | 566 | 0.79 | 3.31 | 1.41 | 63 | ||||||||||||||||||||
| 16.86 | 3.84 | 14,723 | 0.50 | 3.41 | 0.91 | 56 | ||||||||||||||||||||
| 16.55 | 18.81 | 14,055 | 0.74 | 0.99 | 1.22 | 64 | ||||||||||||||||||||
| 14.41 | (3.09 | ) | 21 | 0.75 | 3.48 | (f) | 3.06 | 162 | ||||||||||||||||||
| 15.69 | 1.66 | 21 | 0.75 | 5.70 | (f) | 1.15 | 238 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 99 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized (losses) on | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan International Research Enhanced Equity Fund |
| |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | $ | 18.76 | $ | 0.20 | $ | 0.32 | $ | 0.52 | $ | (0.19 | ) | $ | (0.19 | ) | $ | (0.38 | ) | |||||||||||
Year Ended October 31, 2017 | 15.54 | 0.34 | 3.23 | 3.57 | (0.35 | ) | — | (0.35 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 16.54 | 0.40 | (f) | (0.89 | ) | (0.49 | ) | (0.36 | ) | (0.15 | ) | (0.51 | ) | |||||||||||||||
Year Ended October 31, 2015 | 20.38 | 0.43 | (0.60 | ) | (0.17 | ) | (0.40 | ) | (3.27 | ) | (3.67 | ) | ||||||||||||||||
Year Ended October 31, 2014 | 21.20 | 0.47 | (0.56 | ) | (0.09 | ) | (0.39 | ) | (0.34 | ) | (0.73 | ) | ||||||||||||||||
Year Ended October 31, 2013 | 17.24 | 0.38 | 4.00 | 4.38 | (0.42 | ) | — | (0.42 | ) | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 18.92 | 0.16 | 0.39 | 0.55 | (0.16 | ) | (0.19 | ) | (0.35 | ) | ||||||||||||||||||
Year Ended October 31, 2017 | 15.68 | 0.41 | 3.23 | 3.64 | (0.40 | ) | — | (0.40 | ) | |||||||||||||||||||
Year Ended October 31, 2016 | 16.70 | 0.46 | (f) | (0.92 | ) | (0.46 | ) | (0.41 | ) | (0.15 | ) | (0.56 | ) | |||||||||||||||
Year Ended October 31, 2015 | 20.54 | 0.48 | (0.60 | ) | (0.12 | ) | (0.45 | ) | (3.27 | ) | (3.72 | ) | ||||||||||||||||
Year Ended October 31, 2014 | 21.36 | 0.52 | (0.56 | ) | (0.04 | ) | (0.44 | ) | (0.34 | ) | (0.78 | ) | ||||||||||||||||
Year Ended October 31, 2013 | 17.36 | 0.40 | 4.06 | 4.46 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
November 1, 2017 (h) through April 30, 2018 (Unaudited) | 18.98 | 0.26 | 0.23 | 0.49 | (0.22 | ) | (0.19 | ) | (0.41 | ) | ||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Amount rounds to less than 0.005%. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 100 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 18.90 | 2.81 | % | $ | 254,716 | 0.59 | % | 2.08 | % | 0.83 | % | 19 | % | |||||||||||||
| 18.76 | 23.41 | 298,112 | 0.59 | 1.98 | 0.90 | 33 | ||||||||||||||||||||
| 15.54 | (2.94 | ) | 69,626 | 0.60 | 2.60 | (f) | 1.02 | 24 | ||||||||||||||||||
| 16.54 | (0.29 | ) | 82,667 | 0.60 | 2.51 | 0.99 | 39 | |||||||||||||||||||
| 20.38 | (0.40 | ) | 96,325 | 0.59 | 2.23 | 1.10 | 63 | |||||||||||||||||||
| 21.20 | 25.84 | 108,193 | 0.75 | 2.04 | 1.35 | 51 | ||||||||||||||||||||
| 19.12 | 2.94 | 151,836 | 0.35 | 1.69 | 0.56 | 19 | ||||||||||||||||||||
| 18.92 | 23.71 | 4,740,590 | 0.34 | 2.37 | 0.58 | 33 | ||||||||||||||||||||
| 15.68 | (2.72 | ) | 1,241,856 | 0.34 | 2.98 | (f) | 0.59 | 24 | ||||||||||||||||||
| 16.70 | 0.00 | (g) | 779,908 | 0.35 | 2.79 | 0.60 | 39 | |||||||||||||||||||
| 20.54 | (0.16 | ) | 562,180 | 0.34 | 2.45 | 0.84 | 63 | |||||||||||||||||||
| 21.36 | 26.18 | 464,273 | 0.53 | 2.10 | 1.09 | 51 | ||||||||||||||||||||
| 19.06 | 2.66 | 5,430,013 | 0.25 | 2.81 | 0.31 | 19 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 101 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized (losses) on | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan International Unconstrained Equity Fund |
| |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | $ | 21.14 | $ | 0.09 | $ | 0.03 | $ | 0.12 | $ | (0.13 | ) | $ | — | $ | (0.13 | ) | ||||||||||||
Year Ended October 31, 2017 | 17.24 | 0.16 | (e) | 4.09 | 4.25 | (0.35 | ) | — | (0.35 | ) | ||||||||||||||||||
Year Ended October 31, 2016 | 17.61 | 0.22 | (e)(f) | (0.55 | ) | (0.33 | ) | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||
Year Ended October 31, 2015 | 18.59 | 0.09 | (e)(f) | 0.39 | 0.48 | (0.17 | ) | (1.29 | ) | (1.46 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.59 | 0.13 | (g) | (0.65 | ) | (0.52 | ) | (0.17 | ) | (1.31 | ) | (1.48 | ) | |||||||||||||||
Year Ended October 31, 2013 | 17.28 | 0.15 | 3.62 | 3.77 | (0.11 | ) | (0.35 | ) | (0.46 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 20.90 | 0.04 | 0.02 | 0.06 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||
Year Ended October 31, 2017 | 17.04 | 0.05 | (e) | 4.06 | 4.11 | (0.25 | ) | — | (0.25 | ) | ||||||||||||||||||
Year Ended October 31, 2016 | 17.45 | 0.13 | (e)(f) | (0.53 | ) | (0.40 | ) | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||
Year Ended October 31, 2015 | 18.44 | (0.02 | )(e)(f) | 0.39 | 0.37 | (0.07 | ) | (1.29 | ) | (1.36 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.47 | 0.09 | (g) | (0.69 | ) | (0.60 | ) | (0.12 | ) | (1.31 | ) | (1.43 | ) | |||||||||||||||
Year Ended October 31, 2013 | 17.20 | 0.07 | 3.59 | 3.66 | (0.04 | ) | (0.35 | ) | (0.39 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 21.41 | 0.14 | — | 0.14 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||
Year Ended October 31, 2017 | 17.45 | 0.23 | (e) | 4.13 | 4.36 | (0.40 | ) | — | (0.40 | ) | ||||||||||||||||||
Year Ended October 31, 2016 | 17.71 | 0.24 | (e)(f) | (0.50 | ) | (0.26 | ) | — | — | — | ||||||||||||||||||
Year Ended October 31, 2015 | 18.67 | 0.15 | (e)(f) | 0.38 | 0.53 | (0.20 | ) | (1.29 | ) | (1.49 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.64 | 0.21 | (g) | (0.67 | ) | (0.46 | ) | (0.20 | ) | (1.31 | ) | (1.51 | ) | |||||||||||||||
Year Ended October 31, 2013 | 17.32 | 0.21 | 3.60 | 3.81 | (0.14 | ) | (0.35 | ) | (0.49 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 21.11 | 0.10 | (0.02 | ) | 0.08 | (0.15 | ) | — | (0.15 | ) | ||||||||||||||||||
Year Ended October 31, 2017 | 17.21 | 0.06 | (e) | 4.14 | 4.20 | (0.30 | ) | — | (0.30 | ) | ||||||||||||||||||
Year Ended October 31, 2016 | 17.57 | 0.15 | (e)(f) | (0.51 | ) | (0.36 | ) | — | — | — | ||||||||||||||||||
Year Ended October 31, 2015 | 18.55 | 0.03 | (e)(f) | 0.39 | 0.42 | (0.11 | ) | (1.29 | ) | (1.40 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.53 | 0.12 | (g) | (0.68 | ) | (0.56 | ) | (0.11 | ) | (1.31 | ) | (1.42 | ) | |||||||||||||||
Year Ended October 31, 2013 | 17.24 | 0.12 | 3.59 | 3.71 | (0.07 | ) | (0.35 | ) | (0.42 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 21.39 | 0.22 | (0.06 | ) | 0.16 | (0.18 | ) | — | (0.18 | ) | ||||||||||||||||||
Year Ended October 31, 2017 | 17.44 | 0.20 | (e) | 4.17 | 4.37 | (0.42 | ) | — | (0.42 | ) | ||||||||||||||||||
Year Ended October 31, 2016 | 17.75 | 0.27 | (e)(f) | (0.52 | ) | (0.25 | ) | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||
Year Ended October 31, 2015 | 18.72 | 0.16 | (e)(f) | 0.39 | 0.55 | (0.23 | ) | (1.29 | ) | (1.52 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.69 | 0.24 | (g) | (0.67 | ) | (0.43 | ) | (0.23 | ) | (1.31 | ) | (1.54 | ) | |||||||||||||||
Year Ended October 31, 2013 | 17.35 | 0.25 | 3.61 | 3.86 | (0.17 | ) | (0.35 | ) | (0.52 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 21.40 | 0.13 | 0.03 | 0.16 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||
Year Ended October 31, 2017 | 17.45 | 0.26 | (e) | 4.12 | 4.38 | (0.43 | ) | — | (0.43 | ) | ||||||||||||||||||
Year Ended October 31, 2016 | 17.76 | 0.29 | (e)(f) | (0.52 | ) | (0.23 | ) | (0.08 | ) | — | (0.08 | ) | ||||||||||||||||
Year Ended October 31, 2015 | 18.73 | (0.01 | )(e)(f) | 0.57 | 0.56 | (0.24 | ) | (1.29 | ) | (1.53 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.70 | 0.25 | (g) | (0.67 | ) | (0.42 | ) | (0.24 | ) | (1.31 | ) | (1.55 | ) | |||||||||||||||
Year Ended October 31, 2013 | 17.36 | 0.26 | 3.61 | 3.87 | (0.18 | ) | (0.35 | ) | (0.53 | ) | ||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (d) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (e) | Calculated based upon average shares outstanding. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $0.10, $0.06, $0.17, $0.08, $0.20 and $0.22 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively and the net investment income (loss) ratio would have been 0.80%, 0.37%, 0.99%, 0.48%, 1.18% and 1.23% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively. |
| (h) | Certain non-recurring expenses incurred by the Fund were not annualized for the year ended October 31, 2013. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 102 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (b) | ||||||||||||||||||||
| $ | 21.13 | 0.56 | % | $ | 98,563 | 0.99 | % | 0.88 | % | 1.37 | % | 19 | % | |||||||||||||
| 21.14 | 25.16 | 67,684 | 1.24 | 0.83 | 1.46 | 38 | ||||||||||||||||||||
| 17.24 | (1.86 | ) | 14,034 | 1.24 | 1.28 | (f) | 1.61 | 51 | ||||||||||||||||||
| 17.61 | 3.04 | 5,824 | 1.24 | 0.49 | (f) | 2.31 | 42 | |||||||||||||||||||
| 18.59 | (2.47 | ) | 351 | 1.32 | 0.98 | (g) | 5.09 | 63 | ||||||||||||||||||
| 20.59 | 22.23 | 83 | 1.32 | (h) | 0.89 | (h) | 7.99 | (h) | 65 | |||||||||||||||||
| 20.87 | 0.28 | 28,055 | 1.49 | 0.42 | 1.87 | 19 | ||||||||||||||||||||
| 20.90 | 24.51 | 14,534 | 1.74 | 0.27 | 2.00 | 38 | ||||||||||||||||||||
| 17.04 | (2.28 | ) | 4,626 | 1.74 | 0.75 | (f) | 2.14 | 51 | ||||||||||||||||||
| 17.45 | 2.39 | 3,439 | 1.74 | (0.12 | )(f) | 2.79 | 42 | |||||||||||||||||||
| 18.44 | (2.91 | ) | 137 | 1.82 | 0.55 | (g) | 6.19 | 63 | ||||||||||||||||||
| 20.47 | 21.61 | 76 | 1.82 | (h) | 0.40 | (h) | 8.35 | (h) | 65 | |||||||||||||||||
| 21.38 | 0.65 | 260,396 | 0.74 | 1.25 | 1.12 | 19 | ||||||||||||||||||||
| 21.41 | 25.60 | 131,356 | 0.89 | 1.14 | 1.19 | 38 | ||||||||||||||||||||
| 17.45 | (1.47 | ) | 9,929 | 0.89 | 1.41 | (f) | 1.35 | 51 | ||||||||||||||||||
| 17.71 | 3.29 | 59,858 | 0.89 | 0.83 | (f) | 1.84 | 42 | |||||||||||||||||||
| 18.67 | (2.18 | ) | 3,868 | 1.07 | 1.17 | (g) | 5.55 | 63 | ||||||||||||||||||
| 20.64 | 22.49 | 3,925 | 1.07 | (h) | 1.17 | (h) | 7.52 | (h) | 65 | |||||||||||||||||
| 21.04 | 0.37 | 742 | 1.29 | 0.98 | 1.72 | 19 | ||||||||||||||||||||
| 21.11 | 24.85 | 97 | 1.49 | 0.31 | 2.79 | 38 | ||||||||||||||||||||
| 17.21 | (2.05 | ) | 20 | 1.49 | 0.87 | (f) | 4.37 | 51 | ||||||||||||||||||
| 17.57 | 2.67 | 20 | 1.51 | 0.19 | (f) | 5.11 | 42 | |||||||||||||||||||
| 18.55 | (2.68 | ) | 68 | 1.57 | 0.66 | (g) | 6.05 | 63 | ||||||||||||||||||
| 20.53 | 21.92 | 70 | 1.57 | (h) | 0.67 | (h) | 8.01 | (h) | 65 | |||||||||||||||||
| 21.37 | 0.73 | 4,203 | 0.64 | 2.01 | 1.05 | 19 | ||||||||||||||||||||
| 21.39 | 25.67 | 90 | 0.79 | 1.01 | 2.44 | 38 | ||||||||||||||||||||
| 17.44 | (1.38 | ) | 20 | 0.80 | 1.57 | (f) | 3.59 | 51 | ||||||||||||||||||
| 17.75 | 3.43 | 20 | 0.81 | 0.89 | (f) | 4.43 | 42 | |||||||||||||||||||
| 18.72 | (1.99 | ) | 70 | 0.87 | 1.36 | (g) | 5.34 | 63 | ||||||||||||||||||
| 20.69 | 22.76 | 71 | 0.87 | (h) | 1.37 | (h) | 7.31 | (h) | 65 | |||||||||||||||||
| 21.38 | 0.77 | 173,457 | 0.54 | 1.24 | 0.86 | 19 | ||||||||||||||||||||
| 21.40 | 25.72 | 143,868 | 0.74 | 1.37 | 0.95 | 38 | ||||||||||||||||||||
| 17.45 | (1.29 | ) | 81,146 | 0.74 | 1.70 | (f) | 1.02 | 51 | ||||||||||||||||||
| 17.76 | 3.48 | 5,335 | 0.74 | (0.05 | )(f) | 2.87 | 42 | |||||||||||||||||||
| 18.73 | (1.95 | ) | 70 | 0.82 | 1.41 | (g) | 5.29 | 63 | ||||||||||||||||||
| 20.70 | 22.80 | 71 | 0.82 | (h) | 1.42 | (h) | 7.26 | (h) | 65 | |||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 103 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan International Value Fund |
| |||||||||||||||||||
Class A |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | $ | 14.26 | $ | 0.15 | $ | 0.28 | $ | 0.43 | $ | (0.31 | ) | |||||||||
Year Ended October 31, 2017 | 12.23 | 0.22 | 2.50 | 2.72 | (0.69 | ) | ||||||||||||||
Year Ended October 31, 2016 | 13.02 | 0.23 | (0.88 | ) | (0.65 | ) | (0.14 | ) | ||||||||||||
Year Ended October 31, 2015 | 14.14 | 0.18 | (f) | (0.83 | ) | (0.65 | ) | (0.47 | ) | |||||||||||
Year Ended October 31, 2014 | 15.02 | 0.47 | (f)(g) | (1.07 | ) | (0.60 | ) | (0.28 | ) | |||||||||||
Year Ended October 31, 2013 | 12.18 | 0.22 | 2.91 | 3.13 | (0.29 | ) | ||||||||||||||
Class C |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 13.78 | 0.11 | 0.26 | 0.37 | (0.22 | )�� | ||||||||||||||
Year Ended October 31, 2017 | 11.88 | 0.15 | 2.42 | 2.57 | (0.67 | ) | ||||||||||||||
Year Ended October 31, 2016 | 12.65 | 0.17 | (0.87 | ) | (0.70 | ) | (0.07 | ) | ||||||||||||
Year Ended October 31, 2015 | 13.72 | 0.10 | (f) | (0.78 | ) | (0.68 | ) | (0.39 | ) | |||||||||||
Year Ended October 31, 2014 | 14.61 | 0.38 | (f)(g) | (1.05 | ) | (0.67 | ) | (0.22 | ) | |||||||||||
Year Ended October 31, 2013 | 11.84 | 0.16 | 2.83 | 2.99 | (0.22 | ) | ||||||||||||||
Class I |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 14.62 | 0.17 | 0.28 | 0.45 | (0.35 | ) | ||||||||||||||
Year Ended October 31, 2017 | 12.57 | 0.28 | 2.55 | 2.83 | (0.78 | ) | ||||||||||||||
Year Ended October 31, 2016 | 13.37 | 0.28 | (0.91 | ) | (0.63 | ) | (0.17 | ) | ||||||||||||
Year Ended October 31, 2015 | 14.48 | 0.23 | (f) | (0.84 | ) | (0.61 | ) | (0.50 | ) | |||||||||||
Year Ended October 31, 2014 | 15.19 | 0.45 | (f)(g) | (1.04 | ) | (0.59 | ) | (0.12 | ) | |||||||||||
Year Ended October 31, 2013 | 12.31 | 0.27 | 2.93 | 3.20 | (0.32 | ) | ||||||||||||||
Class L |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 14.55 | 0.17 | 0.29 | 0.46 | (0.36 | ) | ||||||||||||||
Year Ended October 31, 2017 | 12.50 | 0.27 | 2.57 | 2.84 | (0.79 | ) | ||||||||||||||
Year Ended October 31, 2016 | 13.29 | 0.31 | (0.93 | ) | (0.62 | ) | (0.17 | ) | ||||||||||||
Year Ended October 31, 2015 | 14.41 | 0.23 | (f) | (0.83 | ) | (0.60 | ) | (0.52 | ) | |||||||||||
Year Ended October 31, 2014 | 15.29 | 0.53 | (f)(g) | (1.09 | ) | (0.56 | ) | (0.32 | ) | |||||||||||
Year Ended October 31, 2013 | 12.38 | 0.29 | 2.95 | 3.24 | (0.33 | ) | ||||||||||||||
Class R2 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 14.01 | 0.12 | 0.27 | 0.39 | (0.28 | ) | ||||||||||||||
Year Ended October 31, 2017 | 12.04 | 0.19 | 2.46 | 2.65 | (0.68 | ) | ||||||||||||||
Year Ended October 31, 2016 | 12.83 | 0.19 | (0.87 | ) | (0.68 | ) | (0.11 | ) | ||||||||||||
Year Ended October 31, 2015 | 13.93 | 0.14 | (f) | (0.81 | ) | (0.67 | ) | (0.43 | ) | |||||||||||
Year Ended October 31, 2014 | 14.78 | 0.42 | (f)(g) | (1.05 | ) | (0.63 | ) | (0.22 | ) | |||||||||||
Year Ended October 31, 2013 | 11.99 | 0.18 | 2.88 | 3.06 | (0.27 | ) | ||||||||||||||
Class R5 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 14.51 | 0.18 | 0.27 | 0.45 | (0.37 | ) | ||||||||||||||
Year Ended October 31, 2017 | 12.51 | 0.23 | 2.59 | 2.82 | (0.82 | ) | ||||||||||||||
September 9, 2016 (h) through October 31, 2016 | 12.55 | 0.03 | (0.07 | ) | (0.04 | ) | — | |||||||||||||
Class R6 |
| |||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 14.53 | 0.19 | 0.27 | 0.46 | (0.38 | ) | ||||||||||||||
Year Ended October 31, 2017 | 12.51 | 0.31 | 2.53 | 2.84 | (0.82 | ) | ||||||||||||||
Year Ended October 31, 2016 | 13.31 | 0.37 | (0.96 | ) | (0.59 | ) | (0.21 | ) | ||||||||||||
Year Ended October 31, 2015 | 14.42 | 0.18 | (f) | (0.76 | ) | (0.58 | ) | (0.53 | ) | |||||||||||
Year Ended October 31, 2014 | 15.29 | 0.54 | (f)(g) | (1.09 | ) | (0.55 | ) | (0.32 | ) | |||||||||||
Year Ended October 31, 2013 | 12.38 | 0.30 | 2.96 | 3.26 | (0.35 | ) | ||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.39, $0.30, $0.37, $0.45, $0.34 and $0.46 for Class A, Class C, Class I, Class L, Class R2 and Class R6, respectively and the net investment income (loss) ratio would have been 2.67%, 2.13%, 2.44%, 2.99%, 2.39% and 3.06% for Class A, Class C, Class I, Class L, Class R2 and Class R6, respectively. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
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| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 14.38 | 3.02 | % | $ | 319,588 | 1.00 | % | 2.07 | % | 1.27 | % | 7 | % | |||||||||||||
| 14.26 | 23.30 | 316,510 | 1.35 | 1.71 | 1.35 | 31 | ||||||||||||||||||||
| 12.23 | (5.01 | ) | 573,449 | 1.35 | 1.91 | 1.43 | 61 | |||||||||||||||||||
| 13.02 | (4.63 | ) | 695,251 | 1.35 | 1.31 | (f) | 1.45 | 74 | ||||||||||||||||||
| 14.14 | (4.09 | ) | 491,010 | 1.33 | 3.19 | (f)(g) | 1.36 | 59 | ||||||||||||||||||
| 15.02 | 26.13 | 221,077 | 1.33 | 1.66 | 1.35 | 66 | ||||||||||||||||||||
| 13.93 | 2.71 | 18,860 | 1.50 | 1.52 | 1.78 | 7 | ||||||||||||||||||||
| 13.78 | 22.67 | 20,997 | 1.85 | 1.21 | 1.87 | 31 | ||||||||||||||||||||
| 11.88 | (5.54 | ) | 24,453 | 1.85 | 1.43 | 1.91 | 61 | |||||||||||||||||||
| 12.65 | (5.01 | ) | 31,296 | 1.85 | 0.79 | (f) | 1.90 | 74 | ||||||||||||||||||
| 13.72 | (4.64 | ) | 31,176 | 1.83 | 2.65 | (f)(g) | 1.86 | 59 | ||||||||||||||||||
| 14.61 | 25.58 | 22,682 | 1.83 | 1.19 | 1.85 | 66 | ||||||||||||||||||||
| 14.72 | 3.11 | 149,553 | 0.75 | 2.31 | 1.02 | 7 | ||||||||||||||||||||
| 14.62 | 23.66 | 144,875 | 1.04 | 2.07 | 1.04 | 31 | ||||||||||||||||||||
| 12.57 | (4.74 | ) | 157,867 | 1.01 | 2.28 | 1.02 | 61 | |||||||||||||||||||
| 13.37 | (4.28 | ) | 233,045 | 1.03 | 1.62 | (f) | 1.03 | 74 | ||||||||||||||||||
| 14.48 | (3.90 | ) | 300,712 | 1.08 | 2.96 | (f)(g) | 1.10 | 59 | ||||||||||||||||||
| 15.19 | 26.46 | 1,634,392 | 1.09 | 1.99 | 1.10 | 66 | ||||||||||||||||||||
| 14.65 | 3.16 | 145,751 | 0.65 | 2.31 | 0.87 | 7 | ||||||||||||||||||||
| 14.55 | 23.88 | 201,672 | 0.87 | 2.03 | 0.88 | 31 | ||||||||||||||||||||
| 12.50 | (4.63 | ) | 523,251 | 0.90 | 2.53 | 0.91 | 61 | |||||||||||||||||||
| 13.29 | (4.23 | ) | 1,480,321 | 0.95 | 1.63 | (f) | 0.99 | 74 | ||||||||||||||||||
| 14.41 | (3.75 | ) | 2,932,420 | 0.93 | 3.51 | (f)(g) | 0.96 | 59 | ||||||||||||||||||
| 15.29 | 26.72 | 1,087,334 | 0.94 | 2.08 | 0.95 | 66 | ||||||||||||||||||||
| 14.12 | 2.79 | 1,295 | 1.30 | 1.77 | 1.55 | 7 | ||||||||||||||||||||
| 14.01 | 23.02 | 1,369 | 1.58 | 1.52 | 1.73 | 31 | ||||||||||||||||||||
| 12.04 | (5.28 | ) | 1,182 | 1.59 | 1.65 | 1.91 | 61 | |||||||||||||||||||
| 12.83 | (4.84 | ) | 1,929 | 1.60 | 1.01 | (f) | 2.01 | 74 | ||||||||||||||||||
| 13.93 | (4.33 | ) | 1,768 | 1.58 | 2.91 | (f)(g) | 1.61 | 59 | ||||||||||||||||||
| 14.78 | 25.91 | 1,249 | 1.59 | 1.39 | 1.60 | 66 | ||||||||||||||||||||
| 14.59 | 3.13 | 70 | 0.65 | 2.49 | 0.95 | 7 | ||||||||||||||||||||
| 14.51 | 23.81 | 62 | 0.93 | 1.69 | 4.00 | 31 | ||||||||||||||||||||
| 12.51 | (0.32 | ) | 20 | 0.79 | 1.52 | 0.79 | 61 | |||||||||||||||||||
| 14.61 | 3.22 | 122,312 | 0.55 | 2.56 | 0.76 | 7 | ||||||||||||||||||||
| 14.53 | 23.99 | 108,302 | 0.80 | 2.28 | 0.82 | 31 | ||||||||||||||||||||
| 12.51 | (4.45 | ) | 27,998 | 0.72 | 3.00 | 0.73 | 61 | |||||||||||||||||||
| 13.31 | (4.04 | ) | 2,354 | 0.73 | 1.32 | (f) | 0.73 | 74 | ||||||||||||||||||
| 14.42 | (3.64 | ) | 30,992 | 0.83 | 3.58 | (f)(g) | 0.84 | 59 | ||||||||||||||||||
| 15.29 | 26.84 | 107,313 | 0.84 | 2.12 | 0.85 | 66 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 105 | ||||||
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FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan Intrepid International Fund | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | $ | 22.22 | $ | 0.20 | $ | 0.11 | $ | 0.31 | $ | (0.40 | ) | |||||||||
Year Ended October 31, 2017 | 18.44 | 0.33 | 3.83 | 4.16 | (0.38 | ) | ||||||||||||||
Year Ended October 31, 2016 | 19.36 | 0.40 | (f) | (0.99 | ) | (0.59 | ) | (0.33 | ) | |||||||||||
Year Ended October 31, 2015 | 19.49 | 0.34 | (f) | (0.26 | ) | 0.08 | (0.21 | ) | ||||||||||||
Year Ended October 31, 2014 | 19.79 | 0.39 | (f) | (0.45 | ) | (0.06 | ) | (0.24 | ) | |||||||||||
Year Ended October 31, 2013 | 15.90 | 0.25 | 3.88 | 4.13 | (0.24 | ) | ||||||||||||||
Class C | ||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 22.40 | 0.18 | 0.08 | 0.26 | (0.24 | ) | ||||||||||||||
Year Ended October 31, 2017 | 18.57 | 0.22 | 3.87 | 4.09 | (0.26 | ) | ||||||||||||||
Year Ended October 31, 2016 | 19.52 | 0.28 | (f) | (0.97 | ) | (0.69 | ) | (0.26 | ) | |||||||||||
Year Ended October 31, 2015 | 19.63 | 0.23 | (f) | (0.24 | ) | (0.01 | ) | (0.10 | ) | |||||||||||
Year Ended October 31, 2014 | 19.92 | 0.36 | (f) | (0.52 | ) | (0.16 | ) | (0.13 | ) | |||||||||||
Year Ended October 31, 2013 | 16.00 | 0.17 | 3.90 | 4.07 | (0.15 | ) | ||||||||||||||
Class I | ||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 23.12 | 0.26 | 0.10 | 0.36 | (0.46 | ) | ||||||||||||||
Year Ended October 31, 2017 | 19.20 | 0.42 | 3.97 | 4.39 | (0.47 | ) | ||||||||||||||
Year Ended October 31, 2016 | 20.13 | 0.46 | (f) | (1.01 | ) | (0.55 | ) | (0.38 | ) | |||||||||||
Year Ended October 31, 2015 | 20.22 | 0.42 | (f) | (0.26 | ) | 0.16 | (0.25 | ) | ||||||||||||
Year Ended October 31, 2014 | 20.51 | 0.51 | (f) | (0.53 | ) | (0.02 | ) | (0.27 | ) | |||||||||||
Year Ended October 31, 2013 | 16.46 | 0.31 | 4.01 | 4.32 | (0.27 | ) | ||||||||||||||
Class R2 | ||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 22.01 | 0.38 | (0.11 | ) | 0.27 | (0.44 | ) | |||||||||||||
Year Ended October 31, 2017 | 18.29 | 0.01 | 4.07 | 4.08 | (0.36 | ) | ||||||||||||||
Year Ended October 31, 2016 | 19.21 | 0.36 | (f) | (1.01 | ) | (0.65 | ) | (0.27 | ) | |||||||||||
Year Ended October 31, 2015 | 19.31 | 0.38 | (f) | (0.34 | ) | 0.04 | (0.14 | ) | ||||||||||||
Year Ended October 31, 2014 | 19.61 | 0.40 | (f) | (0.53 | ) | (0.13 | ) | (0.17 | ) | |||||||||||
Year Ended October 31, 2013 | 15.74 | 0.20 | 3.86 | 4.06 | (0.19 | ) | ||||||||||||||
Class R6 | ||||||||||||||||||||
Six Months Ended April 30, 2018 (Unaudited) | 22.78 | 0.28 | 0.09 | 0.37 | (0.49 | ) | ||||||||||||||
Year Ended October 31, 2017 | 18.91 | 0.43 | 3.92 | 4.35 | (0.48 | ) | ||||||||||||||
Year Ended October 31, 2016 | 19.84 | 0.49 | (f) | (1.01 | ) | (0.52 | ) | (0.41 | ) | |||||||||||
May 29, 2015 (g) through October 31, 2015 | 21.08 | 0.12 | (f) | (1.36 | ) | (1.24 | ) | — | ||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
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| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
| $22.13 | 1.41 | % | $ | 192,179 | 1.00 | % | 1.78 | % | 1.21 | % | 26 | % | ||||||||||||||
| 22.22 | 22.98 | 232,530 | 1.21 | 1.66 | 1.22 | 82 | ||||||||||||||||||||
| 18.44 | (3.07 | ) | 164,327 | 1.25 | 2.21 | (f) | 1.29 | 38 | ||||||||||||||||||
| 19.36 | 0.45 | 152,834 | 1.29 | 1.75 | (f) | 1.49 | 33 | |||||||||||||||||||
| 19.49 | (0.33 | ) | 101,114 | 1.39 | 1.96 | (f) | 1.46 | 48 | ||||||||||||||||||
| 19.79 | 26.25 | 60,135 | 1.47 | 1.42 | 1.54 | 49 | ||||||||||||||||||||
| 22.42 | 1.19 | 2,062 | 1.50 | 1.57 | 1.74 | 26 | ||||||||||||||||||||
| 22.40 | 22.30 | 1,773 | 1.75 | 1.07 | 1.81 | 82 | ||||||||||||||||||||
| 18.57 | (3.56 | ) | 2,287 | 1.75 | 1.52 | (f) | 1.87 | 38 | ||||||||||||||||||
| 19.52 | (0.05 | ) | 2,789 | 1.78 | 1.17 | (f) | 1.91 | 33 | ||||||||||||||||||
| 19.63 | (0.84 | ) | 1,318 | 1.89 | 1.79 | (f) | 1.96 | 48 | ||||||||||||||||||
| 19.92 | 25.60 | 1,131 | 1.98 | 0.94 | 2.04 | 49 | ||||||||||||||||||||
| 23.02 | 1.57 | 57,550 | 0.75 | 2.25 | 0.96 | 26 | ||||||||||||||||||||
| 23.12 | 23.39 | 52,871 | 0.90 | 1.99 | 0.99 | 82 | ||||||||||||||||||||
| 19.20 | (2.73 | ) | 16,363 | 0.90 | 2.44 | (f) | 1.08 | 38 | ||||||||||||||||||
| 20.13 | 0.80 | 19,292 | 0.97 | 2.04 | (f) | 1.12 | 33 | |||||||||||||||||||
| 20.22 | (0.13 | ) | 15,963 | 1.14 | 2.47 | (f) | 1.21 | 48 | ||||||||||||||||||
| 20.51 | 26.56 | 13,916 | 1.23 | 1.68 | 1.29 | 49 | ||||||||||||||||||||
| 21.84 | 1.26 | 37,300 | 1.30 | 3.50 | 1.64 | 26 | ||||||||||||||||||||
| 22.01 | 22.70 | 8,790 | 1.49 | 0.07 | 1.54 | 82 | ||||||||||||||||||||
| 18.29 | (3.36 | ) | 503 | 1.50 | 2.02 | (f) | 1.75 | 38 | ||||||||||||||||||
| 19.21 | 0.24 | 227 | 1.52 | 1.91 | (f) | 1.69 | 33 | |||||||||||||||||||
| 19.31 | (0.66 | ) | 98 | 1.64 | 2.03 | (f) | 1.71 | 48 | ||||||||||||||||||
| 19.61 | 26.02 | 98 | 1.72 | 1.16 | 1.79 | 49 | ||||||||||||||||||||
| 22.66 | 1.67 | 3,357,177 | 0.55 | 2.47 | 0.71 | 26 | ||||||||||||||||||||
| 22.78 | 23.59 | 2,859,645 | 0.71 | 2.12 | 0.71 | 82 | ||||||||||||||||||||
| 18.91 | (2.59 | ) | 2,487,086 | 0.71 | 2.65 | (f) | 0.72 | 38 | ||||||||||||||||||
| 19.84 | (5.88 | ) | 1,854,941 | 0.73 | 1.47 | (f) | 0.74 | 33 | ||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
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AS OF APRIL 30, 2018 (Unaudited)
1. Organization
JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 10 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
| Classes Offered | Trust | Diversified/Non-Diversified | ||||
| JPMorgan Emerging Economies Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan Emerging Markets Equity Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan Global Research Enhanced Index Fund | Class I and Class R6* | JPM I | Diversified | |||
| JPMorgan Global Unconstrained Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan International Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan International Equity Income Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan International Research Enhanced Equity Fund | Class A, Class I and Class R6* | JPM II | Diversified | |||
| JPMorgan International Unconstrained Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan International Value Fund | Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan Intrepid International Fund | Class A, Class C, Class I, Class R2 and Class R6 | JPM I | Diversified |
| * | Class R6 commenced operations on November 1, 2017. |
As of October 9, 2017, Class A shares of the JPMorgan International Research Enhanced Equity Fund (“International Research Enhanced Equity Fund”) were publicly offered on a limited basis.
As of October 31, 2017, Class R2 shares of the JPMorgan Global Unconstrained Equity Fund (“Global Unconstrained Equity Fund”) were not publicly offered for investment.
The investment objective of JPMorgan Emerging Economies Fund (“Emerging Economies Fund’) is to seek long-term capital growth.
The investment objective of JPMorgan Emerging Markets Equity Fund (“Emerging Markets Equity Fund”) is to seek to provide high total return from a portfolio of equity securities from emerging markets issuers.
The investment objective of JPMorgan Global Research Enhanced Index Fund (“Global Research Enhanced Index Fund”), JPMorgan Global Unconstrained Equity Fund (“Global Unconstrained Equity Fund”), JPMorgan International Research Enhanced Equity Fund (“International Research Enhanced Equity Fund”) and JPMorgan International Unconstrained Equity Fund (“International Unconstrained Equity Fund”) is to seek to provide long-term capital appreciation.
The investment objective of JPMorgan International Equity Fund (“International Equity Fund”) is to seek total return from long-term capital growth and income. Total return consists of capital growth and current income.
The investment objective of JPMorgan International Equity Income Fund (“International Equity Income Fund”) is to seek to provide both current income and long-term capital appreciation.
The investment objective of JPMorgan International Value Fund (“International Value Fund”) is to seek to provide high total return from a portfolio of foreign company equity securities. Effective May 17, 2018, the investment objective changed to seeks to provide long-term capital appreciation.
The investment objective of JPMorgan Intrepid International Fund (“Intrepid International Fund”) is to seek to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
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2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.
A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Emerging Economies Fund, Emerging Markets Equity Fund, International Equity Income Fund and International Value Fund at April 30, 2018.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
| • | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
| • | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
| • | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 109 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):
Emerging Economies Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Argentina | $ | 5,819 | $ | — | $ | — | $ | 5,819 | ||||||||
Brazil | 203,570 | — | — | 203,570 | ||||||||||||
Chile | — | 7,369 | — | 7,369 | ||||||||||||
China | 92,754 | 439,487 | — | 532,241 | ||||||||||||
Hong Kong | — | 50,792 | — | 50,792 | ||||||||||||
Hungary | — | 35,381 | — | 35,381 | ||||||||||||
India | 5,172 | 44,558 | — | 49,730 | ||||||||||||
Indonesia | — | 24,162 | — | 24,162 | ||||||||||||
Kazakhstan | — | 6,990 | — | 6,990 | ||||||||||||
Luxembourg | 8,390 | — | — | 8,390 | ||||||||||||
Malaysia | — | 52,154 | — | 52,154 | ||||||||||||
Panama | 24,039 | — | — | 24,039 | ||||||||||||
Poland | — | 17,330 | — | 17,330 | ||||||||||||
Qatar | — | 8,336 | — | 8,336 | ||||||||||||
Russia | 52,955 | 104,333 | — | 157,288 | ||||||||||||
Singapore | — | 22,904 | — | 22,904 | ||||||||||||
South Africa | 6,602 | 28,969 | — | 35,571 | ||||||||||||
South Korea | — | 275,735 | 77,119 | 352,854 | ||||||||||||
Taiwan | 30,152 | 190,321 | — | 220,473 | ||||||||||||
Thailand | 83,669 | — | — | 83,669 | ||||||||||||
Turkey | — | 76,175 | — | 76,175 | ||||||||||||
United Kingdom | — | 10,720 | — | 10,720 | ||||||||||||
United States | 22,699 | — | — | 22,699 | ||||||||||||
Vietnam | — | 5,713 | — | 5,713 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 535,821 | 1,401,429 | 77,119 | 2,014,369 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 69,885 | — | — | 69,885 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 605,706 | $ | 1,401,429 | $ | 77,119 | $ | 2,084,254 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| 110 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
Emerging Markets Equity Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Argentina | $ | 149,272 | $ | — | $ | — | $ | 149,272 | ||||||||
Australia | — | 24,164 | — | 24,164 | ||||||||||||
Brazil | 404,120 | — | — | 404,120 | ||||||||||||
China | 433,481 | 882,144 | — | 1,315,625 | ||||||||||||
Egypt | 47,160 | — | — | 47,160 | ||||||||||||
Hong Kong | — | 349,915 | — | 349,915 | ||||||||||||
India | 119,038 | 817,070 | — | 936,108 | ||||||||||||
Indonesia | — | 115,624 | — | 115,624 | ||||||||||||
Macau | — | 35,414 | — | 35,414 | ||||||||||||
Mexico | 181,903 | — | — | 181,903 | ||||||||||||
Panama | 47,450 | — | — | 47,450 | ||||||||||||
Peru | 72,029 | — | — | 72,029 | ||||||||||||
Russia | — | 188,451 | — | 188,451 | ||||||||||||
South Africa | — | 298,775 | — | 298,775 | ||||||||||||
South Korea | — | 90,534 | 262,745 | 353,279 | ||||||||||||
Spain | — | 25,672 | — | 25,672 | ||||||||||||
Taiwan | 182,393 | 121,988 | — | 304,381 | ||||||||||||
Thailand | — | 31,644 | — | 31,644 | ||||||||||||
Turkey | — | 14,274 | — | 14,274 | ||||||||||||
United States | 59,128 | — | — | 59,128 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 1,695,974 | 2,995,669 | 262,745 | 4,954,388 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Warrants | ||||||||||||||||
United States | — | 26,717 | — | 26,717 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 112,528 | — | — | 112,528 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 1,808,502 | $ | 3,022,386 | $ | 262,745 | $ | 5,093,633 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 111 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
Global Research Enhanced Index Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Argentina | $ | 1,185 | $ | — | $ | — | $ | 1,185 | ||||||||
Australia | — | 204,589 | — | 204,589 | ||||||||||||
Austria | — | 12,524 | — | 12,524 | ||||||||||||
Belgium | — | 33,079 | — | 33,079 | ||||||||||||
Bermuda | 1,747 | — | — | 1,747 | ||||||||||||
Canada | 262,590 | — | — | 262,590 | ||||||||||||
China | — | 5,188 | — | 5,188 | ||||||||||||
Denmark | — | 48,220 | — | 48,220 | ||||||||||||
Finland | — | 28,810 | — | 28,810 | ||||||||||||
France | — | 371,906 | — | 371,906 | ||||||||||||
Germany | — | 266,570 | — | 266,570 | ||||||||||||
Hong Kong | 2,074 | 98,131 | — | 100,205 | ||||||||||||
Ireland | 10,540 | 19,662 | — | 30,202 | ||||||||||||
Israel | 2,783 | — | — | 2,783 | ||||||||||||
Italy | — | 59,793 | — | 59,793 | ||||||||||||
Japan | — | 716,597 | — | 716,597 | ||||||||||||
Luxembourg | — | 11,744 | — | 11,744 | ||||||||||||
Macau | — | 4,970 | — | 4,970 | ||||||||||||
Netherlands | — | 187,081 | — | 187,081 | ||||||||||||
New Zealand | — | 5,286 | — | 5,286 | ||||||||||||
Norway | — | 16,193 | — | 16,193 | ||||||||||||
Singapore | — | 40,377 | — | 40,377 | ||||||||||||
Spain | — | 94,426 | — | 94,426 | ||||||||||||
Sweden | 1,025 | 45,403 | — | 46,428 | ||||||||||||
Switzerland | — | 241,094 | — | 241,094 | ||||||||||||
United Kingdom | 2,910 | 481,234 | — | 484,144 | ||||||||||||
United States | 4,863,053 | 8,907 | — | 4,871,960 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 5,147,907 | 3,001,784 | — | 8,149,691 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Rights | ||||||||||||||||
New Zealand | — | 62 | — | 62 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 173,270 | — | — | 173,270 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 5,321,177 | $ | 3,001,846 | $ | — | $ | 8,323,023 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | — | $ | 1,613 | $ | — | $ | 1,613 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | (3,470 | ) | $ | — | $ | — | $ | (3,470 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
| 112 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
Global Unconstrained Equity Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Austria | $ | — | $ | 173 | $ | — | $ | 173 | ||||||||
Brazil | 60 | — | — | 60 | ||||||||||||
Canada | 108 | — | — | 108 | ||||||||||||
China | 167 | 112 | — | 279 | ||||||||||||
France | — | 327 | — | 327 | ||||||||||||
Germany | — | 216 | — | 216 | ||||||||||||
Hong Kong | — | 111 | — | 111 | ||||||||||||
India | 180 | — | — | 180 | ||||||||||||
Japan | — | 216 | — | 216 | ||||||||||||
Luxembourg | — | 66 | — | 66 | ||||||||||||
Singapore | — | 113 | — | 113 | ||||||||||||
South Africa | — | 89 | — | 89 | ||||||||||||
Spain | — | 83 | — | 83 | ||||||||||||
Switzerland | — | 176 | — | 176 | ||||||||||||
Thailand | — | 103 | — | 103 | ||||||||||||
United Kingdom | — | 320 | — | 320 | ||||||||||||
United States | 2,435 | — | — | 2,435 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 2,950 | 2,105 | — | 5,055 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 56 | — | — | 56 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 3,006 | $ | 2,105 | $ | — | $ | 5,111 | ||||||||
|
|
|
|
|
|
|
| |||||||||
International Equity Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 59,634 | $ | — | $ | 59,634 | ||||||||
Austria | — | 40,716 | — | 40,716 | ||||||||||||
Brazil | 34,513 | — | — | 34,513 | ||||||||||||
China | 33,172 | 120,902 | — | 154,074 | ||||||||||||
Denmark | — | 56,303 | — | 56,303 | ||||||||||||
France | — | 563,336 | — | 563,336 | ||||||||||||
Germany | — | 389,263 | — | 389,263 | ||||||||||||
Hong Kong | — | 194,407 | — | 194,407 | ||||||||||||
India | 52,093 | — | — | 52,093 | ||||||||||||
Indonesia | — | 23,782 | — | 23,782 | ||||||||||||
Italy | — | 50,476 | — | 50,476 | ||||||||||||
Japan | — | 803,390 | — | 803,390 | ||||||||||||
Macau | — | 31,805 | — | 31,805 | ||||||||||||
Netherlands | — | 274,125 | — | 274,125 | ||||||||||||
Singapore | — | 71,219 | — | 71,219 | ||||||||||||
South Africa | — | 32,490 | — | 32,490 | ||||||||||||
South Korea | — | 110,962 | — | 110,962 | ||||||||||||
Spain | — | 103,664 | — | 103,664 | ||||||||||||
Sweden | — | 58,595 | — | 58,595 | ||||||||||||
Switzerland | — | 516,947 | — | 516,947 | ||||||||||||
Taiwan | 36,758 | — | — | 36,758 | ||||||||||||
United Kingdom | — | 796,190 | — | 796,190 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 156,536 | 4,298,206 | — | 4,454,742 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 52,920 | — | — | 52,920 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 209,456 | $ | 4,298,206 | $ | — | $ | 4,507,662 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 113 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
International Equity Income Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 7,311 | $ | — | $ | 7,311 | ||||||||
Canada | 2,326 | — | — | 2,326 | ||||||||||||
China | — | 4,151 | — | 4,151 | ||||||||||||
Finland | — | 3,587 | — | 3,587 | ||||||||||||
France | — | 36,701 | — | 36,701 | ||||||||||||
Germany | — | 12,102 | — | 12,102 | ||||||||||||
Italy | — | 3,390 | — | 3,390 | ||||||||||||
Japan | — | 31,753 | — | 31,753 | ||||||||||||
Macau | — | 2,374 | — | 2,374 | ||||||||||||
Netherlands | — | 14,886 | — | 14,886 | ||||||||||||
Norway | — | 3,526 | — | 3,526 | ||||||||||||
Singapore | — | 2,815 | — | 2,815 | ||||||||||||
South Korea | — | — | 2,139 | 2,139 | ||||||||||||
Spain | — | 7,500 | — | 7,500 | ||||||||||||
Sweden | — | 4,685 | — | 4,685 | ||||||||||||
Switzerland | — | 19,658 | — | 19,658 | ||||||||||||
Taiwan | 2,453 | — | — | 2,453 | ||||||||||||
United Kingdom | — | 34,954 | — | 34,954 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 4,779 | 189,393 | 2,139 | 196,311 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 3,844 | — | — | 3,844 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 8,623 | $ | 189,393 | $ | 2,139 | $ | 200,155 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| 114 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
International Research Enhanced Equity Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 274,505 | $ | — | $ | 274,505 | ||||||||
Austria | — | 23,431 | — | 23,431 | ||||||||||||
Belgium | — | 59,734 | — | 59,734 | ||||||||||||
China | — | 31,576 | — | 31,576 | ||||||||||||
Denmark | — | 47,910 | — | 47,910 | ||||||||||||
Finland | — | 86,722 | — | 86,722 | ||||||||||||
France | — | 711,967 | — | 711,967 | ||||||||||||
Germany | — | 563,005 | — | 563,005 | ||||||||||||
Hong Kong | — | 121,402 | — | 121,402 | ||||||||||||
Ireland | 36,147 | — | — | 36,147 | ||||||||||||
Israel | 11,816 | — | — | 11,816 | ||||||||||||
Italy | — | 158,702 | — | 158,702 | ||||||||||||
Japan | — | 1,396,267 | — | 1,396,267 | ||||||||||||
Luxembourg | — | 30,607 | — | 30,607 | ||||||||||||
Malta | — | — | — | (a) | — | (a) | ||||||||||
Netherlands | — | 359,966 | — | 359,966 | ||||||||||||
Singapore | — | 72,758 | — | 72,758 | ||||||||||||
Spain | — | 200,707 | — | 200,707 | ||||||||||||
Sweden | — | 34,747 | — | 34,747 | ||||||||||||
Switzerland | — | 499,265 | — | 499,265 | ||||||||||||
United Kingdom | — | 820,011 | — | 820,011 | ||||||||||||
United States | — | 49,974 | — | 49,974 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 47,963 | 5,543,256 | — | (a) | 5,591,219 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Debt Securities | ||||||||||||||||
Corporate Bonds | ||||||||||||||||
Brazil | — | — | — | (a) | — | (a) | ||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 211,220 | — | — | 211,220 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 259,183 | $ | 5,543,256 | $ | — | (a) | $ | 5,802,439 | |||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | — | $ | 9,352 | $ | — | $ | 9,352 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 115 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
International Unconstrained Equity Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 14,401 | $ | — | $ | 14,401 | ||||||||
Austria | — | 16,512 | — | 16,512 | ||||||||||||
Brazil | 14,052 | — | — | 14,052 | ||||||||||||
Canada | 15,236 | — | — | 15,236 | ||||||||||||
China | 8,596 | 41,645 | — | 50,241 | ||||||||||||
Denmark | — | 5,823 | — | 5,823 | ||||||||||||
Finland | — | 8,104 | — | 8,104 | ||||||||||||
France | — | 21,892 | — | 21,892 | ||||||||||||
Germany | — | 55,824 | — | 55,824 | ||||||||||||
Hong Kong | — | 33,592 | — | 33,592 | ||||||||||||
India | 17,801 | — | — | 17,801 | ||||||||||||
Indonesia | — | 12,563 | — | 12,563 | ||||||||||||
Japan | — | 48,522 | — | 48,522 | ||||||||||||
Netherlands | — | 50,450 | — | 50,450 | ||||||||||||
South Africa | — | 12,119 | — | 12,119 | ||||||||||||
South Korea | 7,228 | 19,918 | — | 27,146 | ||||||||||||
Spain | — | 11,288 | — | 11,288 | ||||||||||||
Switzerland | — | 54,211 | — | 54,211 | ||||||||||||
United Kingdom | — | 74,526 | — | 74,526 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 62,913 | 481,390 | — | 544,303 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 18,009 | — | — | 18,009 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 80,922 | $ | 481,390 | $ | — | $ | 562,312 | ||||||||
|
|
|
|
|
|
|
| |||||||||
��
| 116 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
International Value Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 23,935 | $ | — | $ | 23,935 | ||||||||
Austria | — | 9,940 | — | 9,940 | ||||||||||||
Belgium | — | 15,721 | — | 15,721 | ||||||||||||
Canada | 9,669 | — | — | 9,669 | ||||||||||||
China | — | 4,290 | — | 4,290 | ||||||||||||
Finland | — | 6,661 | — | 6,661 | ||||||||||||
France | — | 115,945 | — | 115,945 | ||||||||||||
Germany | — | 53,853 | — | 53,853 | ||||||||||||
Ireland | 6,743 | — | — | 6,743 | ||||||||||||
Israel | 1,763 | — | — | 1,763 | ||||||||||||
Italy | — | 29,587 | — | 29,587 | ||||||||||||
Japan | — | 184,866 | — | 184,866 | ||||||||||||
Luxembourg | — | 6,742 | — | 6,742 | ||||||||||||
Netherlands | — | 64,207 | — | 64,207 | ||||||||||||
Norway | — | 3,453 | — | 3,453 | ||||||||||||
Singapore | — | 11,305 | — | 11,305 | ||||||||||||
South Korea | — | — | 5,161 | 5,161 | ||||||||||||
Spain | — | 25,060 | — | 25,060 | ||||||||||||
Sweden | — | 7,546 | — | 7,546 | ||||||||||||
Switzerland | — | 61,065 | — | 61,065 | ||||||||||||
United Kingdom | — | 94,035 | — | 94,035 | ||||||||||||
United States | — | 7,324 | — | 7,324 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 18,175 | $ | 725,535 | $ | 5,161 | $ | 748,871 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 995 | $ | — | $ | 995 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (1,174 | ) | $ | — | $ | (1,174 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 117 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
Intrepid International Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 250,230 | $ | — | $ | 250,230 | ||||||||
Austria | — | 44,285 | — | 44,285 | ||||||||||||
Belgium | 6,240 | 48,051 | — | 54,291 | ||||||||||||
China | — | 28,513 | — | 28,513 | ||||||||||||
Denmark | — | 120,853 | — | 120,853 | ||||||||||||
Finland | — | 84,601 | — | 84,601 | ||||||||||||
France | — | 240,657 | — | 240,657 | ||||||||||||
Germany | — | 273,243 | — | 273,243 | ||||||||||||
Hong Kong | — | 63,042 | — | 63,042 | ||||||||||||
Italy | — | 41,992 | — | 41,992 | ||||||||||||
Japan | — | 849,425 | — | 849,425 | ||||||||||||
Luxembourg | — | 31,640 | — | 31,640 | ||||||||||||
Netherlands | — | 298,927 | — | 298,927 | ||||||||||||
Norway | — | 57,702 | — | 57,702 | ||||||||||||
Portugal | — | 11,314 | — | 11,314 | ||||||||||||
Singapore | — | 98,235 | — | 98,235 | ||||||||||||
Spain | — | 66,428 | — | 66,428 | ||||||||||||
Sweden | — | 130,033 | — | 130,033 | ||||||||||||
Switzerland | — | 328,697 | — | 328,697 | ||||||||||||
United Kingdom | 2,471 | 481,100 | — | 483,571 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 8,711 | 3,548,968 | — | 3,557,679 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 62,726 | — | — | 62,726 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 71,437 | $ | 3,548,968 | $ | — | $ | 3,620,405 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | — | $ | 1,873 | $ | — | $ | 1,873 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than 500. |
Transfers between fair value levels are valued utilizing values as of the beginning of the period.
For the Emerging Economies Fund, transfers from level 1 to level 2 in the amount of $35,725,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.
For the Emerging Markets Equity Fund, transfers from level 1 to level 2 in the amount of $211,139,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.
For the Global Research Enhanced Index Fund, transfers from level 1 to level 2 in the amount of $50,902,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.
For the Global Unconstrained Equity Fund, transfers from level 1 to level 2 in the amount of $79,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.
For the International Equity Fund, transfers from level 1 to level 2 in the amount of $112,043,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.
For the International Equity Income Fund, transfers from level 1 to level 2 in the amount of $4,796,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.
For the International Research Enhanced Equity Fund, transfers from level 1 to level 2 in the amount of $86,600,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.
For the International Unconstrained Equity Fund, transfers from level 1 to level 2 in the amount of $18,397,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.
| 118 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
For the International Value Fund, transfers from level 1 to level 2 in the amount of $11,170,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.
For the Intrepid International Fund, transfers from level 1 to level 2 in the amount of $82,321,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):
| Emerging Economies Fund | Balance as of October 31, 2017 | Realized gain (loss) | Change in net unrealized appreciation (depreciation) | Net accretion | Purchases1 | Sales2 | Transfers into Level 3 | Transfers out of Level 3 | Balance as of 2018 | |||||||||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||||||||||||||||||
Common Stocks — South Korea | $ | — | $ | 441 | $ | 1,144 | $ | — | $ | 27,500 | $ | (612 | ) | $ | 48,646 | $ | — | $ | 77,119 | |||||||||||||||||
| Emerging Markets Equity Fund | Balance as of October 31, 2017 | Realized gain (loss) | Change in net unrealized appreciation (depreciation) | Net accretion | Purchases1 | Sales2 | Transfers into Level 3 | Transfers out of Level 3 | Balance as of 2018 | |||||||||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||||||||||||||||||
Common Stocks — South Korea | $ | — | $ | — | $ | 2,499 | $ | — | $ | 83,091 | $ | — | $ | 177,155 | $ | — | $ | 262,745 | ||||||||||||||||||
| International Equity Income Fund | Balance as of October 31, 2017 | Realized gain (loss) | Change in net unrealized appreciation (depreciation) | Net accretion | Purchases1 | Sales2 | Transfers into Level 3 | Transfers out of Level 3 | Balance as of 2018 | |||||||||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||||||||||||||||||
Common Stocks — South Korea | $ | — | $ | 775 | $ | (854 | ) | $ | — | $ | 446 | $ | (2,544 | ) | $ | 4,316 | $ | — | $ | 2,139 | ||||||||||||||||
| International Value Fund | Balance as of October 31, 2017 | Realized gain (loss) | Change in net unrealized appreciation (depreciation) | Net accretion | Purchases1 | Sales2 | Transfers into Level 3 | Transfers out of Level 3 | Balance as of 2018 | |||||||||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||||||||||||||||||
Common Stocks — South Korea | $ | — | $ | 1,175 | $ | (1,273 | ) | $ | — | $ | — | $ | (2,444 | ) | $ | 7,703 | $ | — | $ | 5,161 | ||||||||||||||||
| 1 | Purchases include all purchases of securities and securities received in corporate actions. |
| 2 | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the year ended April 30, 2018 for Emerging Economies Fund, Emerging Markets Equity Fund, International Equity Income Fund and International Value Fund.
The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2018, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):
Emerging Economies Fund | $ | 1,144 | ||
Emerging Markets Equity Fund | 2,499 | |||
International Equity Income Fund | (854 | ) | ||
International Value Fund | (1,273 | ) |
Emerging Economies Fund
Quantitative Information about Level 3 Fair Value Measurements #
(Amounts in thousands)
| Fair Value at April 30, 2018 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||||||
| $ | 77,119 | Recent Market Information | Transaction Price | KRW 2,650 (KRW 2,650) | ||||||||
|
| |||||||||||
| Common Stock | 77,119 | |||||||||||
| ||||||||||||
| Total | $ | 77,119 | ||||||||||
| ||||||||||||
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 119 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.
Emerging Markets Equity Fund
Quantitative Information about Level 3 Fair Value Measurements #
(Amounts in thousands)
| Fair Value at April 30, 2018 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||||||
| $ | 262,745 | Recent Market Information | Transaction Price | KRW 2,650 (KRW 2,650) | ||||||||
|
| |||||||||||
| Common Stock | 262,745 | |||||||||||
| ||||||||||||
| Total | $ | 262,745 | ||||||||||
| ||||||||||||
The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.
International Equity Income Fund
Quantitative Information about Level 3 Fair Value Measurements #
(Amounts in thousands)
| Fair Value at April 30, 2018 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||||||
| $ | 2,139 | Recent Market Information | Transaction Price | KRW 2,650 (KRW 2,650) | ||||||||
|
| |||||||||||
| Common Stocks | 2,139 | |||||||||||
| ||||||||||||
| Total | $ | 2,139 | ||||||||||
| ||||||||||||
The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.
International Value Fund
Quantitative Information about Level 3 Fair Value Measurements #
(Amounts in thousands)
| Fair Value at April 30, 2018 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||||||
| $ | 5,161 | Recent Market Information | Transaction Price | KRW 2,650 (KRW 2,650) | ||||||||
|
| |||||||||||
| Common Stocks | 5,161 | |||||||||||
| ||||||||||||
| Total | $ | 5,161 | ||||||||||
| ||||||||||||
The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.
B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.
As of April 30, 2018 the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.
C. Futures Contracts — Emerging Economies Fund, Global Research Enhanced Index Fund, International Research Enhanced Equity Fund, International Unconstrained Equity Fund and Intrepid International Fund used index futures contracts to gain or reduce exposure to the stock
| 120 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds’ futures contracts activity during the six months ended April 30, 2018 (amounts in thousands):
| Emerging Economies Fund | Global Research Enhanced Index Fund | International Research Enhanced Equity Fund | International Unconstrained Equity Fund | Intrepid International Fund | ||||||||||||||||
Futures Contracts: | ||||||||||||||||||||
Average Notional Balance Long | $ | 10,006 | $ | 83,479 | $ | 190,570 | $ | 14,019 | (a) | $ | 58,327 | |||||||||
Ending Notional Balance Long | — | 117,340 | 202,751 | — | 35,902 | |||||||||||||||
| (a) | For the period January 1, 2018 through January 31, 2018. |
D. Forward Foreign Currency Exchange Contracts — International Equity Income Fund and International Value Fund may be exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.
The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
The table below discloses the volume of the Funds’ forward foreign currency exchange contracts activity during the six months ended April 30, 2018 (amounts in thousands):
| International Equity Income Fund | International Value Fund | |||||||
Forward Foreign Currency Exchange Contracts: | ||||||||
Average Settlement Value Purchased | $ | 15,331 | (a) | $ | 103,391 | |||
Average Settlement Value Sold | 11,235 | (a) | 94,926 | |||||
Ending Settlement Value Purchased | — | 88,326 | ||||||
Ending Settlement Value Sold | — | 84,524 | ||||||
| (a) | For the period November 1, 2017 to December 31, 2017. |
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 121 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
E. Summary of Derivatives Information
The following tables present the value of derivatives held as of April 30, 2018, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):
Global Research Enhanced Index Fund
| Derivative Contracts | Statements of Assets and Liabilities Location | |||||
| Gross Assets: | Futures Contracts (a) | |||||
Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $ | 1,613 | |||
|
| |||||
Gross Liabilities: | ||||||
Equity contracts | Payables, Net Assets — Unrealized Depreciation | $ | (3,470 | ) | ||
|
| |||||
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
International Research Enhanced Equity Fund
| Derivative Contracts | Statements of Assets and Liabilities Location | |||||
| Gross Assets: | Futures Contracts (a) | |||||
Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $ | 9,352 | |||
|
| |||||
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
International Value Fund
| Derivative Contracts | Statements of Assets and Liabilities Location | |||||
| Gross Assets: | Forward Foreign Currency Exchange Contracts | |||||
Foreign exchange contracts | Receivables | $ | 995 | |||
|
| |||||
Gross Liabilities: | ||||||
Foreign exchange contracts | Payables | $ | (1,174 | ) | ||
|
| |||||
Intrepid International Fund
| Derivative Contracts | Statements of Assets and Liabilities Location | |||||
| Gross Assets: | Futures Contracts (a) | |||||
Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $ | 1,873 | |||
|
| |||||
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.
| 122 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | APRIL 30, 2018 | ||||
Table of Contents
The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2018, by primary underlying risk exposure (amounts in thousands):
Emerging Economies Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 957 | ||
|
| |||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | (564 | ) | |
|
| |||
Global Research Enhanced Index Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 4,550 | ||
|
| |||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | (5,370 | ) | |
|
| |||
International Equity Income Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Forward Foreign Currency Exchange Contracts | |||
Foreign exchange contracts | $ | (360 | ) | |
|
| |||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Forward Foreign Currency Exchange Contracts | |||
Foreign exchange contracts | $ | 328 | ||
|
| |||
International Research Enhanced Equity Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 18,438 | ||
|
| |||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 727 | ||
|
| |||
International Unconstrained Equity Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 76 | ||
|
| |||
International Value Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Forward Foreign Currency Exchange Contracts | |||
Foreign exchange contracts | $ | (1,685 | ) | |
|
| |||
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 123 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Forward Foreign Currency Exchange Contracts | |||
Foreign exchange contracts | $ | (349 | ) | |
|
| |||
Intrepid International Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | (4,351 | ) | |
|
| |||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 1,333 | ||
|
| |||
The Funds’ derivatives contracts held at April 30, 2018 are not accounted for as hedging instruments under GAAP.
F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend. Certain Funds may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income on the Statement of Operations.
H. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended April 30, 2018 are as follows (amounts in thousands):
| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | |||||||||||||||||||||||||||||||
Emerging Economies Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | $ | 6 | $ | 1 | $ | 2 | n/a | n/a | n/a | n/a | $ | — | (a) | $ | 6 | $ | 15 | |||||||||||||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 29 | 5 | 13 | $ | 10 | $ | — | (a) | $ | — | (a) | $ | — | (a) | — | (a) | 9 | 66 | ||||||||||||||||||||||
Global Research Enhanced Index Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | n/a | n/a | 11 | n/a | n/a | n/a | n/a | n/a | 4 | 15 | ||||||||||||||||||||||||||||||
Global Unconstrained Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | — | (a) | — | (a) | 1 | n/a | — | (a) | n/a | n/a | — | (a) | — | (a) | 1 | |||||||||||||||||||||||||
International Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 17 | 3 | 3 | n/a | — | (a) | n/a | n/a | — | (a) | 13 | 36 | ||||||||||||||||||||||||||||
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| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | |||||||||||||||||||||||||||||||
International Equity Income Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | $ | 2 | $ | 2 | $ | 6 | n/a | $ | — | (a) | n/a | n/a | $ | — | (a) | $ | — | (a) | $ | 10 | ||||||||||||||||||||
International Research Enhanced Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 34 | n/a | 5 | n/a | n/a | n/a | n/a | n/a | 4 | 43 | ||||||||||||||||||||||||||||||
International Unconstrained Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 2 | 2 | 6 | n/a | — | (a) | n/a | n/a | 1 | — | (a) | 11 | ||||||||||||||||||||||||||||
International Value Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 10 | 1 | 3 | $ | 2 | — | (a) | n/a | n/a | — | (a) | — | (a) | 16 | ||||||||||||||||||||||||||
Intrepid International Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 6 | — | (a) | 1 | n/a | 14 | n/a | n/a | n/a | 10 | 31 | |||||||||||||||||||||||||||||
| (a) | Amount rounds to less than 500. |
I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.
J. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. Certain Funds are subject to a tax imposed on short-term and long-term capital gains on securities of issuers domiciled in India. Prior to April 1, 2018, certain Funds were only subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Funds record an estimated deferred tax liability for these securities assuming those positions were disposed of at the end of the period. This amount, if any, is reported as Deferred India capital gains tax in the accompanying Statements of Assets and Liabilities. Short-term realized capital losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short-term realized capital gains.
India has enacted rules imposing a tax on the indirect transfers of Indian shares. Based upon current guidance from the Indian tax authorities, management does not believe that such tax will be applicable to the Funds. However, management’s conclusion, regarding this and other foreign tax matters, may be subject to future review based on changes in, or the interpretation of, the accounting standards and the tax laws and regulations.
K. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid annually, except for International Equity Income Fund, which are declared and paid monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets.
The annual rate for each Fund is as follows:
Emerging Economies Fund | 0.85 | % | ||
Emerging Markets Equity Fund | 0.85 | |||
Global Research Enhanced Index Fund | 0.20 | |||
Global Unconstrained Equity Fund | 0.70 | |||
International Equity Fund | 0.70 | |||
International Equity Income Fund | 0.70 | |||
International Research Enhanced Equity Fund | 0.20 | |||
International Unconstrained Equity Fund | 0.70 | |||
International Value Fund | 0.60 | |||
Intrepid International Fund | 0.60 |
The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.
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NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2018, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived Administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Class R4, Class R5, Class R6, Class I and Class L Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| Class A | Class C | Class R2 | Class R3 | |||||||||||||
Emerging Economies Fund | 0.25 | % | 0.75 | % | n/a | n/a | ||||||||||
Emerging Markets Equity Fund | 0.25 | 0.75 | 0.50 | % | 0.25 | % | ||||||||||
Global Unconstrained Equity Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
International Equity Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
International Equity Income Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
International Research Enhanced Equity Fund | 0.25 | n/a | n/a | n/a | ||||||||||||
International Unconstrained Equity Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
International Value Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
Intrepid International Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2018, JPMDS retained the following amounts (in thousands):
| Front-End Sales Charge | CDSC | |||||||
Emerging Economies Fund | $ | 1 | $ | — | ||||
Emerging Markets Equity Fund | 70 | — | ||||||
Global Unconstrained Equity Fund | — | (a) | — | |||||
International Equity Fund | 27 | — | ||||||
International Equity Income Fund | 10 | — | ||||||
International Research Enhanced Equity Fund | 1 | — | ||||||
International Unconstrained Equity Fund | 48 | — | ||||||
International Value Fund | 40 | — | ||||||
Intrepid International Fund | 1 | — | ||||||
| (a) | Amount rounds to less than 500. |
D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | |||||||||||||||||||||||||
Emerging Economies Fund | 0.25 | % | 0.25 | % | 0.25 | % | n/a | n/a | n/a | n/a | 0.10 | % | ||||||||||||||||||||
Emerging Markets Equity Fund | 0.25 | 0.25 | 0.25 | 0.10 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.10 | ||||||||||||||||||||
Global Research Enhanced Index Fund | n/a | n/a | 0.25 | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||
Global Unconstrained Equity Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 0.10 | ||||||||||||||||||||||||
International Equity Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 0.10 | ||||||||||||||||||||||||
International Equity Income Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 0.10 | ||||||||||||||||||||||||
International Research Enhanced Equity Fund | 0.25 | n/a | 0.25 | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||
International Unconstrained Equity Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 0.10 | ||||||||||||||||||||||||
International Value Fund | 0.25 | 0.25 | 0.25 | 0.10 | 0.25 | n/a | n/a | 0.10 | ||||||||||||||||||||||||
Intrepid International Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | n/a | ||||||||||||||||||||||||
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JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included as Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | ||||||||||||||||||||||||||||
Emerging Economies Fund | 1.14 | %* | 1.64 | %* | 0.89 | %* | n/a | n/a | n/a | n/a | 0.79 | %* | 0.69 | %* | ||||||||||||||||||||||
Emerging Markets Equity Fund | 1.24 | * | 1.74 | * | 0.99 | * | 0.95 | % | 1.54 | %* | 1.29 | %* | 1.04 | %* | 0.89 | * | 0.79 | * | ||||||||||||||||||
Global Research Enhanced Index Fund | n/a | n/a | 0.34 | n/a | n/a | n/a | n/a | n/a | 0.25 | |||||||||||||||||||||||||||
Global Unconstrained Equity Fund | 1.00 | * | 1.50 | * | 0.75 | * | n/a | 1.30 | * | n/a | n/a | 0.65 | * | 0.55 | * | |||||||||||||||||||||
International Equity Fund | 0.95 | * | 1.45 | * | 0.70 | * | n/a | 1.25 | * | n/a | n/a | 0.60 | * | 0.50 | * | |||||||||||||||||||||
International Equity Income Fund | 0.95 | * | 1.45 | * | 0.70 | * | n/a | 1.25 | * | n/a | n/a | 0.60 | * | 0.50 | * | |||||||||||||||||||||
International Research Enhanced Equity Fund | 0.60 | n/a | 0.35 | n/a | n/a | n/a | n/a | n/a | 0.25 | |||||||||||||||||||||||||||
International Unconstrained Equity Fund | 1.00 | * | 1.50 | * | 0.75 | * | n/a | 1.30 | * | n/a | n/a | 0.65 | * | 0.55 | * | |||||||||||||||||||||
International Value Fund | 1.00 | * | 1.50 | * | 0.75 | * | 0.95 | 1.30 | * | n/a | n/a | 0.65 | * | 0.55 | * | |||||||||||||||||||||
Intrepid International Fund | 1.00 | * | 1.50 | * | 0.75 | * | n/a | 1.30 | * | n/a | n/a | n/a | 0.55 | * | ||||||||||||||||||||||
| * | The contractual expense percentages in the table above are in place until at least October 31, 2019. |
Except as noted above, the expense limitation agreements were in effect for the six months ended April 30, 2018 and are in place until February 28, 2019.
For the six months ended April 30, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| Contractual Waivers | ||||||||||||||||||||
| Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | ||||||||||||||||
Emerging Economies Fund | $ | 2,571 | $ | 864 | $ | 71 | $ | 3,506 | $ | 4 | ||||||||||
Emerging Markets Equity Fund | 3,143 | 2,004 | 393 | 5,540 | 9 | |||||||||||||||
Global Research Enhanced Index Fund | 1,179 | 787 | 2,052 | 4,018 | — | |||||||||||||||
Global Unconstrained Equity Fund | 9 | 2 | 2 | 13 | 109 | |||||||||||||||
International Equity Fund | 4,870 | 1,764 | 145 | 6,779 | 7 | |||||||||||||||
International Equity Income Fund | 337 | 82 | 56 | 475 | — | |||||||||||||||
International Research Enhanced Equity Fund | 916 | 608 | 1,071 | 2,595 | — | |||||||||||||||
International Unconstrained Equity Fund | 543 | 192 | 88 | 823 | — | (a) | ||||||||||||||
International Value Fund | 530 | 313 | 140 | 983 | — | (a) | ||||||||||||||
Intrepid International Fund | 1,636 | 1,091 | 86 | 2,813 | 5 | |||||||||||||||
| (a) | Amount rounds to less than 500. |
| Voluntary Waivers | ||||
| Investment Advisory Fees | ||||
Global Unconstrained Equity Fund | $ | 6 | ||
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 127 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.
The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2018 were as follows (amounts in thousands):
Emerging Economies Fund | $ | 38 | ||
Emerging Markets Equity Fund | 137 | |||
Global Research Enhanced Index Fund | 121 | |||
Global Unconstrained Equity Fund | — | (a) | ||
International Equity Fund | 58 | |||
International Equity Income Fund | 4 | |||
International Research Enhanced Equity Fund | 187 | |||
International Unconstrained Equity Fund | 14 | |||
International Value Fund | 8 | |||
Intrepid International Fund | 68 |
| (a) | Amount rounds to less than 500. |
G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
The Funds may use related party broker-dealers. For the six months ended April 30, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended April 30, 2018, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):
Purchases Government) | Sales (excluding U.S. Government) | |||||||
Emerging Economies Fund | $ | 593,564 | $ | 550,077 | ||||
Emerging Markets Equity Fund | 780,274 | 244,599 | ||||||
Global Research Enhanced Index Fund | 2,088,823 | 2,659,503 | ||||||
Global Unconstrained Equity Fund | 3,121 | 1,600 | ||||||
International Equity Fund | 1,158,053 | 734,718 | ||||||
International Equity Income Fund | 112,501 | 118,169 | ||||||
International Research Enhanced Equity Fund | 1,884,510 | 993,262 | ||||||
International Unconstrained Equity Fund | 297,594 | 88,148 | ||||||
International Value Fund | 58,547 | 108,419 | ||||||
Intrepid International Fund | 1,334,405 | 862,856 | ||||||
During the six months ended April 30, 2018, there were no purchases or sales of U.S. Government securities.
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5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2018 were as follows (amounts in thousands):
| Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Emerging Economies Fund | $ | 1,741,432 | $ | 398,143 | $ | 55,321 | $ | 342,822 | ||||||||
Emerging Markets Equity Fund | 3,729,009 | 1,494,468 | 129,844 | 1,364,624 | ||||||||||||
Global Research Enhanced Index Fund | 6,639,314 | 1,846,746 | 164,894 | 1,681,852 | ||||||||||||
Global Unconstrained Equity Fund | 4,958 | 371 | 218 | 153 | ||||||||||||
International Equity Fund | 3,610,650 | 965,490 | 68,478 | 897,012 | ||||||||||||
International Equity Income Fund | 185,937 | 16,817 | 2,599 | 14,218 | ||||||||||||
International Research Enhanced Equity Fund | 5,473,169 | 480,972 | 142,350 | 338,622 | ||||||||||||
International Unconstrained Equity Fund | 526,343 | 44,880 | 8,911 | 35,969 | ||||||||||||
International Value Fund | 663,671 | 118,158 | 33,137 | 85,021 | ||||||||||||
Intrepid International Fund | 3,265,429 | 441,931 | 85,082 | 356,849 | ||||||||||||
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.
At October 31, 2017, the following Funds had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains, as follows (amounts in thousands):
| 2018 | 2019 | Total | ||||||||||
Emerging Economies Fund | $ | — | $ | 16,730 | $ | 16,730 | ||||||
International Equity Fund | 4,532 | 3,312 | 7,844 | |||||||||
International Value Fund | 63,767 | — | 63,767 | |||||||||
At October 31, 2017, the following Funds had post-enactment net capital loss carryforwards as follows (amounts in thousands):
| Capital Loss Carryforward Character | ||||||||
| Short-Term | Long-Term | |||||||
Emerging Economies Fund | $ | 63,590 | — | |||||
Emerging Markets Equity Fund | — | 115,827 | ||||||
Global Research Enhanced Index Fund | 52,602 | 45,221 | ||||||
International Equity Fund | — | 43,808 | ||||||
International Equity Income Fund | 9,533 | — | ||||||
International Unconstrained Equity Fund | 1,615 | 1,307 | ||||||
International Value Fund | 1,951 | — | ||||||
During the year ended October 31, 2017, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):
Emerging Economies Fund | $ | 158,471 | ||
Emerging Markets Equity Fund | 10,629 | |||
Global Research Enhanced Index Fund | 138,657 | |||
International Equity Income Fund | 718 | |||
International Research Enhanced Equity Fund | 3,153 | |||
International Unconstrained Equity Fund | 2,024 | |||
International Value Fund | 69,190 | |||
Intrepid International Fund | 152,894 |
During the year ended October 31, 2017, the following Funds had expired capital loss carryforwards as follows (amounts in thousands):
Emerging Economies Fund | $ | 1,890 | ||
Emerging Markets Equity Fund | 4,903 | |||
International Value Fund | 241,545 | |||
Intrepid International Fund | 144,376 |
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 129 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2018 (Unaudited) (continued)
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 5, 2018.
The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at April 30, 2018. Average borrowings from the Facility for the six months ended April 30, 2018, were as follows (amounts in thousands, except number of days outstanding):
| Average Borrowings | Average Interest Rate Paid | Number of Days Outstanding | Interest Paid | |||||||||||||
Global Research Enhanced Index Fund | $ | 20,016 | 2.11 | % | 4 | $ | 5 | |||||||||
International Equity Fund | 22,564 | 2.04 | 7 | 8 | ||||||||||||
International Equity Income Fund | 2,563 | 2.14 | 3 | — | (a) | |||||||||||
International Unconstrained Equity Fund | 1,646 | 2.46 | 1 | — | (a) | |||||||||||
International Value Fund | 7,728 | 2.43 | 2 | 1 | ||||||||||||
| (a) | Amount rounds to less than 500. |
The Trusts, along with certain other trusts (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately. Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the six months ended April 30, 2018.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.
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As of April 30, 2018, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:
| J.P. Morgan Investor Funds | JPMorgan SmartRetirement Funds | |||||||
Emerging Economies Fund | 10.2 | % | 70.6 | % | ||||
Emerging Markets Equity Fund | — | 35.5 | ||||||
International Equity Fund | — | 73.4 | ||||||
International Research Enhanced Equity Fund | 13.1 | 57.5 | ||||||
International Unconstrained Equity Fund | 21.5 | — | ||||||
Intrepid International Fund | — | 91.4 | ||||||
As of April 30, 2018, the following Funds had individual shareholder accounts and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:
| Number of Individual Affiliated Shareholder Accounts and/or Affiliated Omnibus Accounts | % of the Fund | Number of Individual Nonaffiliated Shareholder Accounts and/or Non-affiliated Omnibus Accounts | % of the Fund | |||||||||||||
Emerging Markets Equity Fund | 1 | 11.2 | % | — | — | |||||||||||
Global Research Enhanced Index Fund | 1 | 92.7 | — | — | ||||||||||||
Global Unconstrained Equity Fund | 1 | 17.1 | 3 | 39.3 | % | |||||||||||
International Equity Income Fund | 1 | 10.1 | 3 | 52.7 | ||||||||||||
International Research Enhanced Equity Fund | 1 | 16.5 | — | — | ||||||||||||
International Unconstrained Equity Fund | — | — | 2 | 23.4 | ||||||||||||
International Value Fund | — | — | 3 | 65.8 | ||||||||||||
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period depending on the Fund. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
As of April 30, 2018, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:
| China | France | India | Japan | |||||||||||||
Emerging Economies Fund | 25.5 | % | — | % | — | % | — | % | ||||||||
Emerging Markets Equity Fund | 25.8 | — | 18.4 | — | ||||||||||||
International Equity Fund | — | 12.5 | — | 17.8 | ||||||||||||
International Equity Income Fund | — | 18.3 | — | 15.9 | ||||||||||||
International Research Enhanced Equity Fund | — | 12.3 | — | 24.1 | ||||||||||||
International Unconstrained Equity Fund | — | — | — | — | ||||||||||||
International Value Fund | — | 15.5 | — | 24.7 | ||||||||||||
Intrepid International Fund | — | — | 23.5 | |||||||||||||
| South Korea | Switzerland | Taiwan | United Kingdom | |||||||||||||
Emerging Economies Fund | 16.9 | % | — | % | 10.6 | % | — | % | ||||||||
International Equity Fund | — | 11.5 | — | 17.7 | ||||||||||||
International Equity Income Fund | — | — | — | 17.5 | ||||||||||||
International Research Enhanced Equity Fund | — | — | — | 14.1 | ||||||||||||
International Unconstrained Equity Fund | — | — | — | 13.3 | ||||||||||||
International Value Fund | — | — | — | 12.6 | ||||||||||||
Intrepid International Fund | — | — | — | 13.4 | ||||||||||||
As of April 30, 2018, a significant portion of each Fund’s investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 131 | ||||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2017, and continued to hold your shares at the end of the reporting period, April 30, 2018.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
| Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
Emerging Economies Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 1,014.60 | $ | 5.69 | 1.14 | % | ||||||||
Hypothetical* | 1,000.00 | 1,019.14 | 5.71 | 1.14 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 1,011.60 | 8.18 | 1.64 | ||||||||||||
Hypothetical* | 1,000.00 | 1,016.66 | 8.20 | 1.64 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 1,016.00 | 4.45 | 0.89 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.38 | 4.46 | 0.89 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 1,015.90 | 3.95 | 0.79 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.88 | 3.96 | 0.79 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 1,016.80 | 3.45 | 0.69 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.37 | 3.46 | 0.69 | ||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 1,028.70 | 6.19 | 1.23 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.70 | 6.16 | 1.23 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 1,025.80 | 8.69 | 1.73 | ||||||||||||
Hypothetical* | 1,000.00 | 1,016.22 | 8.65 | 1.73 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 1,029.50 | 4.93 | 0.98 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.93 | 4.91 | 0.98 | ||||||||||||
Class L | ||||||||||||||||
Actual* | 1,000.00 | 1,030.20 | 4.48 | 0.89 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.38 | 4.46 | 0.89 | ||||||||||||
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| Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
Emerging Markets Equity Fund (continued) | ||||||||||||||||
Class R2 | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 1,026.70 | $ | 7.69 | 1.53 | % | ||||||||
Hypothetical* | 1,000.00 | 1,017.21 | 7.65 | 1.53 | ||||||||||||
Class R3 | ||||||||||||||||
Actual* | 1,000.00 | 1,028.10 | 6.44 | 1.28 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.45 | 6.41 | 1.28 | ||||||||||||
Class R4 | ||||||||||||||||
Actual* | 1,000.00 | 1,029.50 | 5.23 | 1.04 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.64 | 5.21 | 1.04 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 1,030.30 | 4.43 | 0.88 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.43 | 4.41 | 0.88 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 1,030.70 | 3.93 | 0.78 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.93 | 3.91 | 0.78 | ||||||||||||
Global Research Enhanced Index Fund | ||||||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 1,026.80 | 1.71 | 0.34 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.11 | 1.71 | 0.34 | ||||||||||||
Class R6 | ||||||||||||||||
Actual** | 1,000.00 | 1,026.00 | 1.25 | 0.25 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.55 | 1.25 | 0.25 | ||||||||||||
Global Unconstrained Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 1,026.10 | 3.77 | 0.75 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.08 | 3.76 | 0.75 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 1,023.70 | 6.27 | 1.25 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.60 | 6.26 | 1.25 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 1,027.90 | 2.01 | 0.40 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.81 | 2.01 | 0.40 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 1,024.70 | 5.02 | 1.00 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.84 | 5.01 | 1.00 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 1,028.60 | 1.51 | 0.30 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.31 | 1.51 | 0.30 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 1,029.10 | 1.26 | 0.25 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.55 | 1.25 | 0.25 | ||||||||||||
International Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 1,023.00 | 4.71 | 0.94 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.13 | 4.71 | 0.94 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 1,020.40 | 7.26 | 1.45 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.60 | 7.25 | 1.45 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 1,024.40 | 3.51 | 0.70 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.32 | 3.51 | 0.70 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 1,021.10 | 6.26 | 1.25 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.60 | 6.26 | 1.25 | ||||||||||||
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 133 | ||||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
International Equity Fund (continued) | ||||||||||||||||
Class R5 | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 1,024.60 | $ | 3.01 | 0.60 | % | ||||||||
Hypothetical* | 1,000.00 | 1,021.82 | 3.01 | 0.60 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 1,025.30 | 2.51 | 0.50 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.32 | 2.51 | 0.50 | ||||||||||||
International Equity Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 1,035.80 | 4.80 | 0.95 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.08 | 4.76 | 0.95 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 1,033.30 | 7.31 | 1.45 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.60 | 7.25 | 1.45 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 1,037.30 | 3.54 | 0.70 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.32 | 3.51 | 0.70 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 1,034.00 | 6.30 | 1.25 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.60 | 6.26 | 1.25 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 1,037.10 | 3.03 | 0.60 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.82 | 3.01 | 0.60 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 1,038.40 | 2.53 | 0.50 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.32 | 2.51 | 0.50 | ||||||||||||
International Research Enhanced Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 1,028.10 | 2.97 | 0.59 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.87 | 2.96 | 0.59 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 1,029.40 | 1.76 | 0.35 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.06 | 1.76 | 0.35 | ||||||||||||
Class R6 | ||||||||||||||||
Actual** | 1,000.00 | 1,026.60 | 1.25 | 0.25 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.55 | 1.25 | 0.25 | ||||||||||||
International Unconstrained Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 1,005.60 | 4.92 | 0.99 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.89 | 4.96 | 0.99 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 1,002.80 | 7.40 | 1.49 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.41 | 7.45 | 1.49 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 1,006.50 | 3.68 | 0.74 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.12 | 3.71 | 0.74 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 1,003.70 | 6.41 | 1.29 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.40 | 6.46 | 1.29 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 1,007.30 | 3.19 | 0.64 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.62 | 3.21 | 0.64 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 1,007.70 | 2.69 | 0.54 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.12 | 2.71 | 0.54 | ||||||||||||
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| Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
International Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 1,030.20 | $ | 5.03 | 1.00 | % | ||||||||
Hypothetical* | 1,000.00 | 1,019.84 | 5.01 | 1.00 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 1,027.10 | 7.54 | 1.50 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.36 | 7.50 | 1.50 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 1,031.10 | 3.78 | 0.75 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.08 | 3.76 | 0.75 | ||||||||||||
Class L | ||||||||||||||||
Actual* | 1,000.00 | 1,031.60 | 3.27 | 0.65 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.57 | 3.26 | 0.65 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 1,027.90 | 6.54 | 1.30 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.35 | 6.51 | 1.30 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 1,031.30 | 3.27 | 0.65 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.57 | 3.26 | 0.65 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 1,032.20 | 2.77 | 0.55 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.07 | 2.76 | 0.55 | ||||||||||||
Intrepid International Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 1,014.10 | 4.99 | 1.00 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.84 | 5.01 | 1.00 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 1,011.90 | 7.48 | 1.50 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.36 | 7.50 | 1.50 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 1,015.70 | 3.75 | 0.75 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.08 | 3.76 | 0.75 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 1,012.60 | 6.49 | 1.30 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.35 | 6.51 | 1.30 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 1,016.70 | 2.75 | 0.55 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.07 | 2.76 | 0.55 | ||||||||||||
| * | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| ** | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the actual period). Commencement of operations was November 1, 2017. |
| APRIL 30, 2018 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 135 | ||||||
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
Table of Contents
J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.
| © JPMorgan Chase & Co., 2018. All rights reserved. April 2018. | SAN-INTEQ-418 |
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| ITEM 2. | CODE OF ETHICS. |
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
Not applicable to a semi-annual report.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
| (i) | Has at least one audit committee financial expert serving on its audit committee; or |
| (ii) | Does not have an audit committee financial expert serving on its audit committee. |
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
| (i) | Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or |
| (ii) | Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)). |
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable to a semi-annual report.
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| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional
services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Not applicable to a semi-annual report.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
Not applicable to a semi-annual report.
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| ITEM 6. | INVESTMENTS. |
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 9. | PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
| ITEM 11. | CONTROLS AND PROCEDURES. |
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
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| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | EXHIBITS. |
| (a) | File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. |
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
Not applicable.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
| (b) | A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940. |
Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| JPMorgan Trust II | ||
| By: | /s/ Brian S. Shlissel | |
| Brian S. Shlissel | ||
| President and Principal Executive Officer | ||
| June 29, 2018 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Brian S. Shlissel | |
| Brian S. Shlissel | ||
| President and Principal Executive Officer | ||
| June 29, 2018 | ||
| By: | /s/ Timothy J. Clemens | |
| Timothy J. Clemens | ||
| Treasurer and Principal Financial Officer | ||
| June 29, 2018 | ||